Galaxy Digital Target of Unusually High Options Trading (NASDAQ:GLXY)

Key Points

• Galaxy Digital Inc. experienced a 274% increase in put options trading volume, with 198,690 options acquired on a recent Wednesday.
• Insider transactions included significant share sales, with Director Medina Rhonda Adams and COO Erin Elizabeth Brown decreasing their stakes by 22.93% and 63.86% respectively.
• Analysts maintain a consensus rating of "Buy" for Galaxy Digital, with target prices around $35 to $40 from various research firms.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock traders bought 198,690 put options on the stock. This represents an increase of 274% compared to the average daily volume of 53,115 put options.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the sale, the chief operating officer owned 198,088 shares of the company's stock, valued at approximately $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Medina Rhonda Adams sold 33,333 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the sale, the director directly owned 112,053 shares of the company's stock, valued at approximately $3,342,540.99. This trade represents a 22.93% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 433,333 shares of company stock worth $11,851,323.

Institutional Trading of Galaxy Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at $113,435,000. Invesco Ltd. acquired a new position in Galaxy Digital in the 2nd quarter worth $53,233,000. Tidal Investments LLC acquired a new position in Galaxy Digital in the 2nd quarter worth $48,452,000. Geode Capital Management LLC acquired a new position in Galaxy Digital in the 2nd quarter worth $43,525,000. Finally, Marshall Wace LLP acquired a new position in Galaxy Digital in the 2nd quarter worth $35,568,000.

Galaxy Digital Price Performance

NASDAQ GLXY traded down $0.21 during trading on Friday, hitting $32.87. 7,972,195 shares of the company traded hands, compared to its average volume of 7,699,763. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $34.25. The business's fifty day simple moving average is $27.03. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to the consensus estimate of $13.11 billion.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GLXY. Piper Sandler increased their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Rosenblatt Securities decreased their price objective on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Benchmark increased their price objective on Galaxy Digital from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Canaccord Genuity Group increased their price target on Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen raised Galaxy Digital from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Galaxy Digital has a consensus rating of "Buy" and an average target price of $35.63.

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.