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

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped down before the market opened on Friday . The stock had previously closed at $27.24, but opened at $25.13. Galaxy Digital shares last traded at $27.40, with a volume of 3,810,209 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GLXY shares. Weiss Ratings lowered Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Morgan Stanley began coverage on Galaxy Digital in a report on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price for the company. Maxim Group initiated coverage on shares of Galaxy Digital in a report on Thursday, July 31st. They issued a “buy” rating and a $40.00 price target on the stock. The Goldman Sachs Group lifted their price objective on shares of Galaxy Digital from $34.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Finally, Jefferies Financial Group assumed coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They issued a “buy” rating and a $35.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Galaxy Digital Stock Up 1.9%

The business’s 50-day simple moving average is $34.54. The stock has a market cap of $10.44 billion and a P/E ratio of 23.13. The company has a current ratio of 1.35, a quick ratio of 1.34 and a debt-to-equity ratio of 0.36.

Insider Activity at Galaxy Digital

In related news, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 687,921 shares in the company, valued at approximately $24,765,156. The trade was a 52.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Novogratz sold 3,000,000 shares of the firm’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. The disclosure for this sale is available in the SEC filing. Insiders sold 3,783,333 shares of company stock worth $135,994,323 over the last three months.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Banque Transatlantique SA acquired a new position in shares of Galaxy Digital during the 3rd quarter valued at about $448,000. Chesapeake Capital Corp IL acquired a new stake in Galaxy Digital in the 3rd quarter valued at about $281,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Galaxy Digital during the 3rd quarter worth $243,000. Quadrature Capital Ltd acquired a new position in shares of Galaxy Digital during the third quarter worth $8,042,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Galaxy Digital in the third quarter valued at $3,120,000.

Galaxy Digital Company Profile

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.