Galaxy Digital (NASDAQ:GLXY) Trading Down 5.2% Following Analyst Downgrade

Galaxy Digital Inc. (NASDAQ:GLXY) fell 5.2% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $30.00 to $26.00. The Goldman Sachs Group currently has a neutral rating on the stock. Galaxy Digital traded as low as $26.00 and last traded at $26.15. 883,479 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 5,193,618 shares. The stock had previously closed at $27.57.

Several other equities analysts have also issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 1st. Piper Sandler upped their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Wall Street Zen raised Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Benchmark boosted their price target on shares of Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Canaccord Genuity Group upped their target price on Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $42.89.

Insider Activity

In related news, insider Christopher C. Ferraro sold 750,000 shares of the 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 completion of the transaction, the insider owned 687,921 shares in the company, valued at approximately $24,765,156. This represents a 52.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Novogratz sold 3,000,000 shares of the stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $108,000,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 3,783,333 shares of company stock worth $135,994,323.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Galaxy Digital by 15.5% during the third quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after buying an additional 2,179,540 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Galaxy Digital during the 2nd quarter valued at about $113,435,000. Invesco Ltd. bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $53,233,000. Tidal Investments LLC purchased a new stake in Galaxy Digital during the second quarter valued at about $48,452,000. Finally, Geode Capital Management LLC purchased a new position in shares of Galaxy Digital in the second quarter worth $43,525,000.

Galaxy Digital Price Performance

The business has a 50-day simple moving average of $33.04 and a 200 day simple moving average of $27.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $9.96 billion and a P/E ratio of 21.26.

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.