Galaxy Digital (NASDAQ:GLXY) Trading Down 5.2% - Here's What Happened

Key Points

• Galaxy Digital's stock price dropped 5.2% during trading, falling to $27.08 from a close of $28.57, with trading volume down by 50% compared to its average.
• Analysts have mixed ratings on Galaxy Digital, with price targets ranging from $30.00 by Goldman Sachs to $40.00 by Maxim Group, reflecting a general sentiment of "Moderate Buy."
• Recent insider sales included CEO Michael Novogratz selling over 4.3 million shares, resulting in a significant decrease in his ownership stake.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) dropped 5.2% during mid-day trading on Friday . The company traded as low as $26.85 and last traded at $27.08. Approximately 1,645,512 shares changed hands during trading, a decline of 50% from the average daily volume of 3,297,458 shares. The stock had previously closed at $28.57.

Wall Street Analyst Weigh In

GLXY has been the topic of a number of recent analyst reports. Rosenblatt Securities lowered their price target on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. HC Wainwright upgraded Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Piper Sandler raised their target price on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Benchmark raised their target price on Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group initiated coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company 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 business has a 50-day moving average of $24.11.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping 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 related news, CEO Michael Novogratz sold 4,380,967 shares of Galaxy Digital stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the transaction, the chief executive officer owned 348,921 shares in the company, valued at approximately $6,315,470.10. This trade represents a 92.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard Tavoso sold 50,000 shares of Galaxy Digital 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 transaction, the director owned 400,000 shares in the company, valued at approximately $11,312,000. The trade was a 11.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,980,967 shares of company stock valued at $184,272,503 in the last 90 days.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. Harbour Capital Advisors LLC acquired a new stake in Galaxy Digital during the second quarter worth $349,000. AdvisorNet Financial Inc acquired a new stake in Galaxy Digital during the second quarter worth $125,000. SJS Investment Consulting Inc. acquired a new stake in Galaxy Digital during the second quarter worth $77,000. Accurate Wealth Management LLC acquired a new stake in Galaxy Digital during the second quarter worth $440,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Galaxy Digital during the second quarter worth $79,000.

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.