Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Time to Sell?

by · The Markets Daily

Galaxy Digital Inc. (NASDAQ:GLXY – Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $26.59, but opened at $25.09. Galaxy Digital shares last traded at $25.20, with a volume of 907,541 shares.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Galaxy Digital in a report on Thursday, November 6th. They issued an “overweight” rating and a $42.00 price target for the company. BTIG Research raised their price target on Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Canaccord Genuity Group raised their price target on Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Rosenblatt Securities boosted their price objective on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, Benchmark boosted their price objective on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Galaxy Digital currently has an average rating of “Buy” and an average target price of $43.33.

Check Out Our Latest Stock Analysis on GLXY

Galaxy Digital Trading Down 8.1%

The firm has a market capitalization of $9.55 billion and a price-to-earnings ratio of 20.37. The company’s 50 day simple moving average is $33.72. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35.

Insider Activity

In other Galaxy Digital news, insider Christopher C. Ferraro sold 750,000 shares of the company’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $27,000,000.00. Following the completion of the sale, the insider owned 687,921 shares in the company, valued at $24,765,156. This represents a 52.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Douglas R. Deason bought 10,000 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were purchased at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the purchase, the director owned 10,000 shares in the company, valued at $295,900. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 3,783,333 shares of company stock worth $135,994,323 over the last three months.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. CWM LLC purchased a new stake in Galaxy Digital during the 2nd quarter valued at about $26,000. Manchester Capital Management LLC purchased a new position in Galaxy Digital during the 2nd quarter worth approximately $32,000. Centerpoint Advisors LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter valued at $33,000. DHJJ Financial Advisors Ltd. purchased a new position in shares of Galaxy Digital during the second quarter worth $34,000. Finally, North Star Investment Management Corp. purchased a new stake in Galaxy Digital in the third quarter valued at $34,000.

About Galaxy Digital

(Get Free Report)

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.

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