Galaxy Digital (NASDAQ:GLXY) Shares Down 11.1% – Should You Sell?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price dropped 11.1% during trading on Tuesday . The stock traded as low as $20.43 and last traded at $20.1720. Approximately 831,092 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 6,375,773 shares. The stock had previously closed at $22.70.

Wall Street Analyst Weigh In

GLXY has been the subject of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Galaxy Digital in a research report on Thursday, April 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, April 24th. Piper Sandler cut their price objective on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 17th. The Goldman Sachs Group lowered their target price on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. 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. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Galaxy Digital has an average rating of “Moderate Buy” and a consensus target price of $39.62.

Galaxy Digital Price Performance

The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The firm’s 50-day moving average price is $27.95 and its 200-day moving average price is $25.62. The stock has a market capitalization of $8.06 billion, a PE ratio of -43.22 and a beta of 4.84.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly 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 during the quarter. During the same quarter in the prior year, the business posted ($0.86) EPS. On average, equities analysts forecast that Galaxy Digital Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael D. Daffey sold 250,000 shares of Galaxy Digital stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the transaction, the director owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. The trade was a 14.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 51.53% of the stock is owned by insiders.

Institutional Trading of Galaxy Digital

Institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd increased 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 acquiring an additional 928 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 1,000 shares during the last quarter. Danske Bank A S purchased a new position in shares of Galaxy Digital during the fourth quarter valued at approximately $36,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Galaxy Digital during the fourth quarter valued at approximately $46,000. Finally, Hollencrest Capital Management grew its stake in shares of Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after buying an additional 1,734 shares during the last quarter.

About Galaxy Digital

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.