Marathon Digital (NASDAQ:MARA) Price Target Lowered to $5.50 at Morgan Stanley

Marathon Digital (NASDAQ:MARA) had its price target lowered by research analysts at Morgan Stanley from $7.00 to $5.50 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s target price would indicate a potential downside of 53.05% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Citizens Jmp assumed coverage on Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target on the stock. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. BTIG Research restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Rosenblatt Securities raised their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Cantor Fitzgerald cut their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Eight equities 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, the company has an average rating of “Moderate Buy” and an average price target of $18.83.

Marathon Digital Trading Down 2.8%

Shares of MARA traded down $0.34 during trading hours on Wednesday, reaching $11.71. The stock had a trading volume of 17,209,628 shares, compared to its average volume of 45,078,559. The company has a market cap of $4.47 billion, a P/E ratio of -2.05 and a beta of 5.36. Marathon Digital has a 52 week low of $6.66 and a 52 week high of $23.45. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a 50-day moving average of $13.35 and a 200 day moving average of $10.77.

Insider Transactions at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,000 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 transaction of $192,000.00. Following the completion of the transaction, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at $5,100,792. This trade represents a 3.63% decrease in their position. The sale was disclosed in a legal filing 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 Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the completion of the sale, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 194,855 shares of company stock valued at $2,465,975 over the last three months. 0.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MARA. Farallon Capital Management LLC grew its holdings 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 valued at $66,832,000 after acquiring an additional 2,825,000 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Marathon Digital during the fourth quarter worth about $10,201,000. Brevan Howard Capital Management LP boosted its position in Marathon Digital by 238.7% during the third quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock valued at $3,565,000 after purchasing an additional 137,606 shares during the last quarter. Clear Street Group Inc. bought a new position in Marathon Digital in the third quarter valued at approximately $34,331,000. Finally, Exchange Traded Concepts LLC increased its position in shares of Marathon Digital by 47.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,539,210 shares of the business services provider’s stock worth $13,822,000 after purchasing an additional 494,161 shares during the last quarter. Institutional investors 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.