Galaxy Digital (NASDAQ:GLXY) Shares Down 6.8% – Time to Sell?

Galaxy Digital Inc. (NASDAQ:GLXY) dropped 6.8% during mid-day trading on Monday . The stock traded as low as $27.16 and last traded at $27.2780. Approximately 1,866,436 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 6,402,750 shares. The stock had previously closed at $29.26.

Analysts Set New Price Targets

GLXY has been the topic of a number of research analyst reports. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, May 1st. Citigroup lifted their price objective on Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Wednesday, March 18th. Piper Sandler reduced their price objective on shares of Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.50.

Galaxy Digital Price Performance

The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $10.72 billion and a P/E ratio of -57.18. The company’s 50-day simple moving average is $29.44 and its 200 day simple moving average is $25.67.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The company had revenue of $10.21 billion for the quarter. During the same quarter in the previous year, the company posted ($0.86) EPS. As a group, sell-side analysts expect that Galaxy Digital Inc. will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael D. Daffey sold 250,000 shares of Galaxy Digital stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its position in Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after purchasing an additional 928 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares during the last quarter. Danske Bank A S acquired a new position in Galaxy Digital during the fourth quarter valued at $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Galaxy Digital in the fourth quarter valued at $46,000. Finally, Hollencrest Capital Management grew its position in Galaxy Digital by 204.0% during the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after purchasing an additional 1,734 shares during the period.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.