Galaxy Digital (NASDAQ:GLXY) Shares Gap Down - Should You Sell?

Key Points

• Galaxy Digital shares gapped down, opening at $14.76 versus the prior close of $15.97 and later trading near $14.73.
• Analysts cut several price targets, though the consensus remains Moderate Buy with an average target of $33.96; 11 analysts rate the stock Buy and three rate it Hold.
• The company reported quarterly EPS of $0.83, beating the $0.29 consensus estimate. CEO Michael Novogratz also purchased 760,000 shares at an average price of $12.98.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped down prior to trading on Thursday. The stock had previously closed at $15.97, but opened at $14.76. Galaxy Digital shares last traded at $14.7310, with a volume of 1,182,605 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Galaxy Digital from $33.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, October 20th. Maxim Group dropped their target price on shares of Galaxy Digital from $46.00 to $36.00 and set a "buy" rating on the stock in a research note on Thursday, October 22nd. Weiss Ratings upgraded shares of Galaxy Digital from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday. Rosenblatt Securities reduced their target price on shares of Galaxy Digital from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, October 26th. Finally, Zacks Research upgraded shares of Galaxy Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, September 18th. Eleven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Galaxy Digital currently has a consensus rating of "Moderate Buy" and an average price target of $33.96.

Galaxy Digital Trading Down 4.0%

The firm has a fifty day moving average of $20.33 and a two-hundred day moving average of $23.56. The company has a market cap of $5.99 billion, a PE ratio of -15.33 and a beta of 5.38. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.29 by $0.54. The business had revenue of $8.69 billion for the quarter. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%.

Insider Buying and Selling at Galaxy Digital

In related news, insider Matthew Friedrich sold 4,993 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the transaction, the insider directly owned 275,782 shares of the company's stock, valued at approximately $7,454,387.46. This trade represents a 1.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Novogratz acquired 760,000 shares of the business's stock in a transaction that occurred on Thursday, November 5th. The stock was acquired at an average cost of $12.98 per share, with a total value of $9,864,800.00. Following the completion of the acquisition, the chief executive officer owned 760,000 shares in the company, valued at $9,864,800. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of large investors have recently made changes to their positions in GLXY. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Galaxy Digital in the second quarter valued at $30,000. Reyes Financial Architecture Inc. purchased a new stake in Galaxy Digital during the 3rd quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Galaxy Digital in the 3rd quarter worth about $37,000. CoreCap Advisors LLC grew its holdings in Galaxy Digital by 496.0% during the 3rd quarter. CoreCap Advisors LLC now owns 2,211 shares of the company's stock valued at $50,000 after buying an additional 1,840 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Galaxy Digital by 1,160.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,345 shares of the company's stock valued at $53,000 after buying an additional 2,159 shares in the last quarter.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy's founder and chief executive officer.

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