Galaxy Digital Target of Unusually Large Options Trading (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 target of unusually large options trading on Tuesday. Stock traders acquired 105,241 call options on the stock. Thisrepresentsanincreaseof200% compared to the average daily volume of 35,022 call options.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Maxim Group started coverage on Galaxy Digital in a report on Thursday, July 31st. They set a "buy" rating and a $40.00 target price for the company. BTIG Research reaffirmed a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research note on Tuesday. Benchmark raised shares of Galaxy Digital from a "buy" rating to a "strong-buy" rating and lifted their price objective for the stock from $38.00 to $40.00 in a research note on Wednesday. Atb Cap Markets raised Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Finally, Canaccord Genuity Group upped their price target on Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Galaxy Digital presently has a consensus rating of "Buy" and a consensus target price of $35.63.

Insiders Place Their Bets

In other news, General Counsel Andrew N. Siegel sold 223,169 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $4,039,358.90. Following the sale, the general counsel owned 479,896 shares in the company, valued at $8,686,117.60. This represents a 31.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Novogratz sold 4,380,967 shares of the firm's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $18.10, for a total value of $79,295,502.70. Following the completion of the transaction, the chief executive officer owned 348,921 shares in the company, valued at $6,315,470.10. The trade was a 92.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,668,671 shares of company stock valued at $175,359,900 in the last three months.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently bought and sold shares of the business. CWM LLC bought a new stake in shares of Galaxy Digital in the second quarter worth about $26,000. Centerpoint Advisors LLC bought a new stake in Galaxy Digital during the 2nd quarter valued at about $33,000. DHJJ Financial Advisors Ltd. bought a new position in shares of Galaxy Digital in the 2nd quarter worth $34,000. FNY Investment Advisers LLC purchased a new position in shares of Galaxy Digital in the second quarter worth $60,000. Finally, SJS Investment Consulting Inc. purchased a new position in shares of Galaxy Digital in the second quarter worth about $77,000.

Galaxy Digital Trading Up 1.9%

Shares of Galaxy Digital stock traded up $0.53 on Thursday, reaching $27.87. The stock had a trading volume of 7,293,162 shares, compared to its average volume of 3,083,622. The stock's 50 day moving average price is $22.59. Galaxy Digital has a 1 year low of $8.20 and a 1 year high of $33.17.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $8.66 billion during the quarter, compared to the consensus estimate of $13.11 billion.

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.