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

Galaxy Digital Inc. (NASDAQ:GLXY) saw unusually large options trading on Tuesday. Stock investors bought 105,241 call options on the stock. Thisrepresentsanincreaseof200% compared to the average daily volume of 35,022 call options.

Galaxy Digital Stock Down 4.2%

NASDAQ:GLXY opened at $27.68 on Wednesday. The firm’s fifty day moving average is $22.45. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $33.17.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Maxim Group assumed coverage on Galaxy Digital in a research note on Thursday, July 31st. They issued a “buy” rating and a $40.00 price target for the company. The Goldman Sachs Group assumed coverage on Galaxy Digital in a research note on Thursday, July 31st. They issued a “neutral” rating and a $30.00 price target for the company. Rosenblatt Securities boosted their price target on Galaxy Digital from $25.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Atb Cap Markets upgraded Galaxy Digital to a “strong-buy” rating in a research note on Tuesday, May 20th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $33.00 price target on shares of Galaxy Digital in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Galaxy Digital presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Insiders Place Their Bets

In related news, CEO Michael Novogratz sold 4,380,967 shares of the business’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $18.10, for a total value of $79,295,502.70. Following the completion of the sale, the chief executive officer directly owned 348,921 shares in the company, valued at $6,315,470.10. The trade was a 92.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the business’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 sale, the insider owned 1,437,921 shares of the company’s stock, valued at $26,026,370.10. This trade represents a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,668,671 shares of company stock valued at $175,359,900.

Institutional Trading of Galaxy Digital

A number of institutional investors have recently modified their holdings of GLXY. Harbour Capital Advisors LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $349,000. AdvisorNet Financial Inc bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $125,000. SJS Investment Consulting Inc. bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $77,000. Accurate Wealth Management LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $440,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $79,000.

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.