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.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on GLXY shares. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. Benchmark upped their target price on shares of Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Rosenblatt Securities lowered their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Canaccord Genuity Group upped their target price on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group initiated coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price target for the company. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $35.63.

Galaxy Digital Stock Performance

The stock has a 50 day simple moving average of $23.92. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released 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 firm had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Richard Tavoso sold 50,000 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the sale, the director directly owned 400,000 shares of the company's stock, valued at $11,312,000. This trade represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction that occurred on 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,980,967 shares of company stock valued at $184,272,503.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors have recently bought and sold shares of the stock. CWM LLC acquired a new position in shares of Galaxy Digital during the second quarter worth about $26,000. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital during the second quarter worth about $32,000. Centerpoint Advisors LLC acquired a new position in shares of Galaxy Digital during the second quarter worth about $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital during the second quarter worth about $34,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Galaxy Digital in the second quarter valued at $37,000.

Galaxy Digital Company Profile

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.