Galaxy Digital (NASDAQ:GLXY) Raised to "Sell" at Wall Street Zen

Wall Street Zen upgraded shares of Galaxy Digital (NASDAQ:GLXY - Free Report) to a sell rating in a report released on Friday.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Galaxy Digital in a research note on Thursday, July 3rd. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Atb Cap Markets raised Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Finally, Rosenblatt Securities began coverage on Galaxy Digital in a research note on Tuesday, June 24th. They set a "buy" rating and a $25.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $31.33.

Galaxy Digital Stock Up 6.0%

GLXY stock traded up $1.66 during midday trading on Friday, hitting $29.11. 11,689,914 shares of the company's stock were exchanged, compared to its average volume of 7,794,215. The company's 50-day simple moving average is $20.85. Galaxy Digital has a 1-year low of $6.89 and a 1-year high of $31.75.

Insider Buying and Selling

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of the 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 sale, the insider owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. This represents a 46.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Andrew N. Siegel sold 223,169 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 value of $4,039,358.90. Following the sale, the general counsel owned 479,896 shares in the company, valued at $8,686,117.60. This trade represents a 31.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,668,671 shares of company stock worth $175,359,900 in the last 90 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. DHJJ Financial Advisors Ltd. purchased a new stake in shares of Galaxy Digital during the second quarter worth about $34,000. SJS Investment Consulting Inc. bought a new stake in Galaxy Digital in the second quarter valued at about $77,000. Strategic Investment Solutions Inc. IL bought a new stake in Galaxy Digital in the second quarter valued at about $79,000. AdvisorNet Financial Inc bought a new stake in Galaxy Digital in the second quarter valued at about $125,000. Finally, Harbour Capital Advisors LLC bought a new stake in Galaxy Digital in the second quarter valued at about $349,000.

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.