Galaxy Digital (NASDAQ:GLXY) Stock Price Down 5.2% – Should You Sell?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) dropped 5.2% during mid-day trading on Friday . The stock traded as low as $26.00 and last traded at $26.15. Approximately 883,479 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 5,193,618 shares. The stock had previously closed at $27.57.

Analyst Ratings Changes

A number of analysts recently commented on GLXY shares. The Goldman Sachs Group set a $30.00 price target on Galaxy Digital in a research report on Friday, November 21st. Piper Sandler raised their target price on Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday. Canaccord Genuity Group increased their price target on shares of Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Finally, Morgan Stanley started coverage on shares of Galaxy Digital in a report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Galaxy Digital currently has an average rating of “Buy” and a consensus target price of $43.33.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35. The company has a 50 day simple moving average of $33.15 and a 200-day simple moving average of $27.55. The stock has a market capitalization of $10.12 billion and a P/E ratio of 21.60.

Insiders Place Their Bets

In related news, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the transaction, the director directly owned 112,053 shares in the company, valued at approximately $3,342,540.99. This represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher C. Ferraro sold 750,000 shares of the company’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the completion of the transaction, the insider owned 687,921 shares of the company’s stock, valued at $24,765,156. This trade represents a 52.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 3,783,333 shares of company stock worth $135,994,323.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. bought a new position in Galaxy Digital during the second quarter valued at approximately $113,435,000. Invesco Ltd. bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $53,233,000. Tidal Investments LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter valued at $48,452,000. Vanguard Group Inc. grew its holdings in shares of Galaxy Digital by 15.5% during the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after purchasing an additional 2,179,540 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $43,525,000.

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.