Galaxy Digital (NASDAQ:GLXY) Shares Down 7.3% - Time to Sell?

Key Points

• Galaxy Digital's shares fell by 7.3% during midday trading, closing at $29.57 after reaching a low of $29.54, with a trading volume of about 1.98 million shares, a 24% decrease from its average volume.
• Analysts have a consensus rating of "Buy" on Galaxy Digital's stock, with a price target averaging at $35.00, after various firms upgraded their ratings recently.
• Insider trading activity showed significant sales, including COO Erin Brown selling nearly 354,000 shares and CEO Michael Novogratz selling over 4.38 million shares, indicating a substantial decrease in their ownership stakes.
• Recent institutional investments have seen several firms, including Sullivan Wood Capital Management, acquire new stakes in Galaxy Digital, signaling renewed interest in the company.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) traded down 7.3% during trading on Friday . The company traded as low as $29.54 and last traded at $29.57. 1,982,618 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 2,613,729 shares. The stock had previously closed at $31.89.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Piper Sandler raised their price objective on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Jefferies Financial Group assumed 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. HC Wainwright upgraded Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Atb Cap Markets upgraded Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Galaxy Digital to a "sell" rating in a research report on Friday, July 18th. One analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Galaxy Digital currently has a consensus rating of "Buy" and an average price target of $35.00.

Galaxy Digital Price Performance

The stock's fifty day simple moving average is $21.83.

Insiders Place Their Bets

In related news, insider Christopher C. Ferraro sold 1,250,000 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the completion of the sale, the insider directly owned 1,437,921 shares of the company's stock, valued at $26,026,370.10. This trade represents a 46.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Novogratz sold 4,380,967 shares of the firm's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $18.10, for a total value of $79,295,502.70. Following the sale, the chief executive officer directly owned 348,921 shares of the company's stock, valued at $6,315,470.10. This represents a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,668,671 shares of company stock valued at $175,359,900.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cidel Asset Management Inc. acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $548,000. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $251,000. RFG Advisory LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $898,000. Sage Advisors LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $256,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $342,000.

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.