Galaxy Digital (NASDAQ:GLXY) Stock Sees Unusually High Call Option Buying

Galaxy Digital Inc. (NASDAQ:GLXY) saw some unusual options trading on Wednesday. Stock traders bought 54,420 call options on the stock. This is an increase of 113% compared to the average daily volume of 25,578 call options.

Insider Transactions at Galaxy Digital

In other news, insider Matthew Friedrich sold 4,993 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total transaction of $134,960.79. Following the completion of the sale, the insider owned 275,782 shares in the company, valued at $7,454,387.46. The trade was a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason purchased 12,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the purchase, the director directly owned 71,000 shares of the company’s stock, valued at $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 51.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Galaxy Digital

A number of institutional investors have recently modified their holdings of the company. State Street Corp lifted its stake in Galaxy Digital by 99.7% in the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock valued at $104,821,000 after acquiring an additional 1,913,688 shares during the last quarter. Moore Capital Management LP increased its stake in shares of Galaxy Digital by 52.9% during the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after purchasing an additional 720,000 shares during the last quarter. Sullivan Wood Capital Management LLC raised its holdings in shares of Galaxy Digital by 4.0% in the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock valued at $33,213,000 after purchasing an additional 55,804 shares during the period. Bank of America Corp DE raised its holdings in shares of Galaxy Digital by 112.4% in the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock valued at $31,309,000 after purchasing an additional 605,986 shares during the period. Finally, Anson Funds Management LP bought a new stake in shares of Galaxy Digital in the 1st quarter valued at about $11,070,000.

Galaxy Digital Stock Up 7.0%

GLXY stock traded up $1.10 during mid-day trading on Wednesday, hitting $16.86. 3,324,206 shares of the company were exchanged, compared to its average volume of 6,317,934. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. Galaxy Digital has a 1-year low of $15.03 and a 1-year high of $41.47. The firm’s 50 day simple moving average is $22.74 and its 200 day simple moving average is $25.02. The firm has a market cap of $6.59 billion, a P/E ratio of -25.98 and a beta of 5.11.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion during the quarter. During the same period in the prior year, the company earned $0.08 EPS. On average, sell-side analysts predict that Galaxy Digital will post -0.71 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on GLXY shares. Morgan Stanley dropped their price objective on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Zacks Research raised shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. Piper Sandler lowered their price target on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday. Citigroup raised shares of Galaxy Digital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $26.00 to $28.00 in a research note on Tuesday, October 13th. Finally, Chardan Capital reissued a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.67.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.