Galaxy Digital (NASDAQ:GLXY) Trading Down 8.2% – Time to Sell?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price traded down 8.2% during trading on Monday . The stock traded as low as $24.41 and last traded at $24.55. 6,086,413 shares traded hands during trading, an increase of 16% from the average session volume of 5,248,969 shares. The stock had previously closed at $26.75.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GLXY shares. Citigroup assumed coverage on shares of Galaxy Digital in a report on Tuesday, December 9th. They set an “outperform” rating for the company. Morgan Stanley started coverage on Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price target for the company. The Goldman Sachs Group cut their price objective on Galaxy Digital from $30.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, December 5th. Rosenblatt Securities boosted their target price on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $46.00.

Galaxy Digital Stock Performance

The company has a 50 day moving average of $31.75 and a two-hundred day moving average of $27.86. 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 market capitalization of $9.02 billion and a PE ratio of 19.23.

Insider Transactions at Galaxy Digital

In related news, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the sale, the insider owned 687,921 shares of the company’s stock, valued at $24,765,156. The trade was a 52.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Novogratz sold 3,000,000 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 transaction of $108,000,000.00. Additional details regarding this sale are available in the official SEC disclosure.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently made changes to their positions in the business. CWM LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC bought a new stake in Galaxy Digital in the second quarter worth $32,000. Centerpoint Advisors LLC purchased a new stake in shares of Galaxy Digital in the second quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new position in shares of Galaxy Digital during the second quarter valued at $34,000. Finally, North Star Investment Management Corp. purchased a new position in shares of Galaxy Digital in the 3rd quarter worth about $34,000.

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.