Galaxy Digital (NASDAQ:GLXY) Stock Price Down 10.5% - Should You Sell?

Key Points

• Galaxy Digital's stock price decreased by 10.5% on Wednesday, closing at $38.34, with trading volume down 29% from its average.
• Analysts have mixed ratings on the stock, with a consensus of a Buy rating and an average target price of $44.63 following various price objective adjustments from major firms.
• Recent insider trades show significant selling, with insiders offloading over $146 million worth of shares in the last three months, indicating potential concerns about the stock's performance.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) traded down 10.5% on Wednesday . The stock traded as low as $38.31 and last traded at $38.34. 3,180,338 shares changed hands during trading, a decline of 29% from the average session volume of 4,497,723 shares. The stock had previously closed at $42.86.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Galaxy Digital from $34.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Jefferies Financial Group began coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. BTIG Research raised their price objective on Galaxy Digital from $35.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Maxim Group initiated coverage on Galaxy Digital in a research note on Thursday, July 31st. They set a "buy" rating and a $40.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $44.63.

Galaxy Digital Trading Down 16.2%

The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $31.43.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The company had revenue of $8.66 billion for the quarter, compared to analyst estimates of $13.11 billion.

Insiders Place Their Bets

In other Galaxy Digital news, 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 transaction of $1,414,000.00. Following the completion of the sale, the director directly owned 400,000 shares of the company's stock, valued at approximately $11,312,000. The trade was a 11.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher C. Ferraro sold 750,000 shares of the company's stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $27,000,000.00. Following the completion of the transaction, the insider directly owned 687,921 shares of the company's stock, valued at approximately $24,765,156. This represents a 52.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,183,333 shares of company stock worth $146,851,323 over the last three months.

Institutional Investors Weigh In On Galaxy Digital

Several institutional investors have recently made changes to their positions in the stock. Balyasny Asset Management L.P. purchased a new stake in shares of Galaxy Digital during the second quarter worth $113,435,000. Invesco Ltd. bought a new position in shares of Galaxy Digital during the second quarter valued at about $53,233,000. Tidal Investments LLC bought a new position in shares of Galaxy Digital during the second quarter valued at about $48,452,000. Geode Capital Management LLC bought a new position in shares of Galaxy Digital during the second quarter valued at about $43,525,000. Finally, Marshall Wace LLP purchased a new stake in shares of Galaxy Digital during the second quarter worth about $35,568,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.