Galaxy Digital Sees Unusually Large Options Volume (NASDAQ:GLXY)

Key Points

• Galaxy Digital saw a significant increase in trading activity with traders purchasing 105,241 call options, a 200% rise compared to its average daily volume.
• Insiders sold a considerable amount of stock, with 9,668,671 shares sold in the past three months, reflecting varying levels of ownership reduction among company executives.
• Recent analyst ratings for Galaxy Digital include a consensus of "Moderate Buy" with a target price of around $35.00, as several analysts have initiated coverage with positive outlooks.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 105,241 call options on the stock. Thisrepresentsanincreaseofapproximately200% compared to the typical daily volume of 35,022 call options.

Galaxy Digital Trading Down 1.1%

GLXY stock traded down $0.31 during mid-day trading on Friday, reaching $27.78. 10,530,560 shares of the company's stock were exchanged, compared to its average volume of 10,979,385. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $33.17. The firm has a 50 day moving average of $22.95.

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

Insider Activity

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $22,625,000.00. Following the completion of the transaction, the insider owned 1,437,921 shares of the company's stock, valued at approximately $26,026,370.10. This trade represents a 46.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Novogratz sold 4,380,967 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the sale, the chief executive officer directly owned 348,921 shares in the company, valued at $6,315,470.10. This trade represents a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,068,671 shares of company stock valued at $186,216,900.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC purchased a new stake in shares of Galaxy Digital during the second quarter worth about $43,525,000. Rovida Investment Management Ltd purchased a new stake in Galaxy Digital during the 2nd quarter worth approximately $33,612,000. Sullivan Wood Capital Management LLC acquired a new position in shares of Galaxy Digital during the second quarter valued at approximately $26,699,000. MMCAP International Inc. SPC purchased a new position in shares of Galaxy Digital in the second quarter valued at approximately $16,646,000. Finally, Milestone Asset Management Group LLC purchased a new position in shares of Galaxy Digital in the second quarter valued at approximately $5,972,000.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Atb Cap Markets upgraded Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Rosenblatt Securities cut their price target on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday. HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. Maxim Group initiated coverage on Galaxy Digital in a research report on Thursday, July 31st. They set a "buy" rating and a $40.00 price target for the company. Finally, Jefferies Financial Group started coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Galaxy Digital presently has a consensus rating of "Moderate 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.