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) saw some unusual options trading activity on Wednesday. Stock investors purchased 198,690 put options on the stock. This is an increase of approximately 274% compared to the typical daily volume of 53,115 put options.

Galaxy Digital Price Performance

Shares of GLXY traded down $0.21 during mid-day trading on Friday, hitting $32.87. 7,972,195 shares of the company's stock were exchanged, compared to its average volume of 7,699,763. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $34.25. The company has a 50 day simple moving average of $27.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34.

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

Insider Activity

In related news, COO Erin Elizabeth Brown sold 350,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at approximately $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Tavoso sold 50,000 shares of Galaxy Digital stock in a transaction on Friday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the transaction, the director directly owned 400,000 shares of the company's stock, valued at approximately $11,312,000. This trade represents a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 433,333 shares of company stock valued at $11,851,323.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. SevenBridge Financial Group LLC acquired a new position in Galaxy Digital in the 2nd quarter worth $296,000. Osaic Holdings Inc. bought a new position in Galaxy Digital in the 2nd quarter worth approximately $632,000. Orion Porfolio Solutions LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $217,000. Marex Group plc acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $712,000. Finally, Advisory Services Network LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $1,203,000.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GLXY. Benchmark increased their price target 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 lifted their price target on Galaxy Digital from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Jefferies Financial Group started coverage on Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 target price on the stock. BTIG Research restated a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research report on Tuesday, August 5th. Finally, Piper Sandler increased their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Galaxy Digital presently has a consensus rating of "Buy" and a consensus target price of $35.63.

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.