Galaxy Digital (NASDAQ:GLXY) Stock Price Down 7.1% – Time to Sell?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) traded down 7.1% on Friday . The stock traded as low as $18.38 and last traded at $18.2090. 1,082,314 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 6,450,029 shares. The stock had previously closed at $19.61.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GLXY shares. BTIG Research reiterated a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research report on Tuesday, March 10th. Weiss Ratings lowered shares of Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Cantor Fitzgerald lowered their price objective on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a research report on Monday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $46.00 price target on shares of Galaxy Digital in a research note on Friday, January 30th. Finally, Wall Street Zen cut Galaxy Digital from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.77.

Galaxy Digital Price Performance

The firm’s 50 day simple moving average is $23.41 and its two-hundred day simple moving average is $28.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market capitalization of $7.00 billion and a P/E ratio of 150.00.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The company had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $13.08 billion.

Insider Activity at Galaxy Digital

In other news, Director Douglas R. Deason bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director directly owned 59,000 shares in the company, valued at $1,227,200. This represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. bought a new position in shares of Galaxy Digital during the second quarter valued at approximately $53,000. JPMorgan Chase & Co. bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $80,000. MAI Capital Management purchased a new position in shares of Galaxy Digital during the second quarter valued at about $88,000. Scotia Capital Inc. bought a new position in shares of Galaxy Digital in the 2nd quarter worth approximately $446,000. Finally, HBK Investments L P bought a new position in shares of Galaxy Digital in the 2nd quarter worth about $219,000.

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.