Stock Traders Buy High Volume of Put Options on Galaxy Digital (NASDAQ:GLXY)

Key Points

• Galaxy Digital saw a remarkable **202% increase** in put options trading, with **173,902** contracts purchased on Thursday, indicating significant bearish sentiment among investors.
• Insider selling was noted as directors Medina Rhonda Adams and Richard Tavoso sold a total of **83,333 shares**, reflecting a **decrease in their positions** of **22.93%** and **11.11%**, respectively.
• Institutional investors have been actively buying, with firms like Balyasny Asset Management and Invesco contributing over **$113 million** in new positions during the second quarter.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) saw some unusual options trading activity on Thursday. Investors purchased 173,902 put options on the stock. This is an increase of 202% compared to the typical daily volume of 57,546 put options.

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, Director Medina Rhonda Adams sold 33,333 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the transaction, the director directly owned 112,053 shares of the company's stock, valued at approximately $3,342,540.99. The trade was a 22.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard Tavoso sold 50,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the completion of the transaction, the director directly owned 400,000 shares in the company, valued at $11,312,000. This represents a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 433,333 shares of company stock valued at $11,851,323.

Institutional Inflows and Outflows

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

Galaxy Digital Price Performance

Shares of NASDAQ GLXY opened at $35.83 on Thursday. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $36.41. The company has a 50-day simple moving average of $28.25. 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 issued 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 business had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLXY. BTIG Research reissued a "buy" rating and issued a $35.00 price objective on shares of Galaxy Digital in a research note on Tuesday, August 5th. Benchmark boosted their price objective on shares of Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wall Street Zen raised shares of Galaxy Digital from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Piper Sandler upped their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Rosenblatt Securities lowered their price target on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Galaxy Digital currently has an average rating of "Buy" and an average price target of $36.38.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.