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

Key Points

• Galaxy Digital Inc. experienced a 168% surge in put options trading, with 172,635 options purchased on a single day compared to an average of 64,390.
• The company's stock price decreased by 5.2% to $37.82, with a trading volume surpassing its average.
• Insider Christopher C. Ferraro sold 750,000 shares, a 52.16% decrease in his ownership, while several hedge funds initiated positions in the company during the second quarter.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) was the recipient of unusually large options trading on Friday. Investors bought 172,635 put options on the stock. This is an increase of approximately 168% compared to the average volume of 64,390 put options.

Galaxy Digital Trading Down 5.2%

Shares of NASDAQ GLXY traded down $2.09 during mid-day trading on Friday, reaching $37.82. The company had a trading volume of 6,835,427 shares, compared to its average volume of 4,392,075. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $44.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $30.71.

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

Insider Activity

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 sale, the insider owned 687,921 shares of the company's stock, valued at $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 is available at the SEC website. Also, Director Richard Tavoso sold 50,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $28.28, for a total value of $1,414,000.00. Following the sale, the director directly owned 400,000 shares in the company, valued at approximately $11,312,000. The trade was a 11.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,183,333 shares of company stock valued at $146,851,323 over the last 90 days.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds have recently modified their holdings of the stock. RFG Advisory LLC acquired a new position in shares of Galaxy Digital in the second quarter worth $898,000. Sullivan Wood Capital Management LLC acquired a new position in Galaxy Digital during the second quarter worth $26,699,000. Belpointe Asset Management LLC acquired a new position in Galaxy Digital during the second quarter worth $280,000. Accurate Wealth Management LLC acquired a new position in Galaxy Digital during the second quarter worth $440,000. Finally, Harbour Capital Advisors LLC acquired a new position in Galaxy Digital during the second quarter worth $349,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GLXY shares. Piper Sandler increased their price objective on Galaxy Digital from $36.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, October 1st. Rosenblatt Securities decreased their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Galaxy Digital in a report on Wednesday, October 8th. The Goldman Sachs Group raised their target price on shares of Galaxy Digital from $34.00 to $39.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Wall Street Zen upgraded shares of Galaxy Digital from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $37.50.

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.

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