Galaxy Digital (NASDAQ:GLXY) Stock Falls 9.1% After Insider Selling

by · The Markets Daily

Galaxy Digital Inc. (NASDAQ:GLXY – Get Free Report) was down 9.1% during mid-day trading on Monday following insider selling activity. The company traded as low as $14.35 and last traded at $14.5490. Approximately 5,800,978 shares were traded during trading, a decline of 10% from the average daily volume of 6,410,244 shares. The stock had previously closed at $16.00.

Specifically, Director Medina Adams sold 12,000 shares of the business’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $16.45, for a total value of $197,400.00. Following the completion of the transaction, the director owned 107,919 shares of the company’s stock, valued at $1,775,267.55. The trade was a 10.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

GLXY has been the subject of a number of research reports. Chardan Capital reiterated a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a report on Tuesday, October 27th. Maxim Group decreased their price objective on Galaxy Digital from $46.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research report on Wednesday, October 28th. Piper Sandler decreased their target price on Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Finally, Morgan Stanley lowered their price target on shares of Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Galaxy Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Get Our Latest Report on Galaxy Digital

Galaxy Digital Stock Down 8.8%

The stock has a market cap of $5.70 billion, a price-to-earnings ratio of -14.59 and a beta of 5.39. The stock has a 50 day simple moving average of $21.84 and a 200 day simple moving average of $24.22. The company has a quick ratio of 1.50, a current 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 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The firm had revenue of $8.69 billion for the quarter. As a group, analysts expect that Galaxy Digital Inc. will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently bought and sold shares of the stock. State Street Corp boosted its holdings in Galaxy Digital by 99.7% during the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after purchasing an additional 1,913,688 shares during the last quarter. Moore Capital Management LP raised its stake in shares of Galaxy Digital by 52.9% in the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock valued at $56,929,000 after buying an additional 720,000 shares during the period. Bank of America Corp DE lifted its holdings in Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock valued at $31,309,000 after purchasing an additional 605,986 shares during the last quarter. Anson Funds Management LP bought a new position in Galaxy Digital in the 1st quarter worth approximately $11,070,000. Finally, AWM Investment Company Inc. purchased a new position in shares of Galaxy Digital in the second quarter valued at $12,221,000.

Galaxy Digital Company Profile

(Get Free Report)

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.

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