Galaxy Digital (NASDAQ:GLXY) Shares Gap Down - Here's What Happened

Key Points

• Galaxy Digital's shares gapped down from a previous close of $32.87 to an opening price of $31.19, with the last traded price at $31.93 and a trading volume of 1,690,798 shares.
• Analyst ratings for Galaxy Digital include a consensus "Buy" with a price target of $35.63; Canaccord Genuity and Maxim Group have set price targets of $34.00 and $40.00, respectively.
• Recent insider transactions reveal significant sales, including COO Erin Elizabeth Brown selling 350,000 shares for approximately $9.44 million, reducing her ownership by 63.86%.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $32.87, but opened at $31.19. Galaxy Digital shares last traded at $31.93, with a volume of 1,690,798 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GLXY shares. Rosenblatt Securities reduced their price target on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Jefferies Financial Group started coverage on Galaxy Digital in a report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price target for the company. Piper Sandler raised their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, July 21st. BTIG Research restated a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a report on Tuesday, August 5th. Finally, Maxim Group began coverage on Galaxy Digital in a report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Galaxy Digital presently has an average rating of "Buy" and an average price target of $35.63.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. The company's 50-day moving average price is $27.28.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14. The company had revenue of $8.66 billion for the quarter, compared to analysts' expectations of $13.11 billion.

Insider Activity

In other news, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares of the company's stock, valued at $5,344,414.24. The trade was a 63.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard Tavoso sold 50,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $28.28, for a total value of $1,414,000.00. Following the completion of the transaction, the director directly owned 400,000 shares in the company, valued at approximately $11,312,000. This represents a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 433,333 shares of company stock valued at $11,851,323 in the last ninety days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CWM LLC purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $32,000. Centerpoint Advisors LLC purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $33,000. DHJJ Financial Advisors Ltd. purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $34,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $37,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.