Marathon Digital (NASDAQ:MARA) Trading Down 11.2% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 11.2% during trading on Friday . The company traded as low as $11.84 and last traded at $12.32. Approximately 40,896,758 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 45,900,613 shares. The stock had previously closed at $13.88.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. BTIG Research reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Monday. Cantor Fitzgerald lowered their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Morgan Stanley lowered their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Tuesday, May 19th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Marathon Digital currently has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Trading Down 11.2%

The business has a 50 day simple moving average of $11.57 and a two-hundred day simple moving average of $10.40. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -2.15 and a beta of 5.38.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the sale, the general counsel owned 970,768 shares in the company, valued at $11,649,216. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $330,060.00. Following the sale, the chief executive officer owned 4,589,514 shares of the company’s stock, valued at approximately $55,074,168. This trade represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 180,855 shares of company stock worth $2,033,654 in the last 90 days. 0.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Marathon Digital in the 3rd quarter worth approximately $4,643,000. Farallon Capital Management LLC grew its position in shares of Marathon Digital by 338.3% in the 3rd quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after acquiring an additional 2,825,000 shares in the last quarter. Stevens Capital Management LP grew its position in shares of Marathon Digital by 446.6% in the 3rd quarter. Stevens Capital Management LP now owns 319,549 shares of the business services provider’s stock worth $5,835,000 after acquiring an additional 261,085 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Marathon Digital by 20.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,445,051 shares of the business services provider’s stock worth $26,387,000 after acquiring an additional 245,222 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

About Marathon Digital

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.