Marathon Digital (NASDAQ:MARA) Shares Up 1.1% – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 1.1% on Wednesday . The company traded as high as $12.54 and last traded at $12.29. Approximately 48,922,112 shares changed hands during trading, an increase of 8% from the average session volume of 45,503,496 shares. The stock had previously closed at $12.16.

Analyst Ratings Changes

Several equities analysts have weighed in on MARA shares. Cantor Fitzgerald cut their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Rosenblatt Securities upped their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Citizens Jmp assumed coverage on Marathon Digital in a report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective on the stock. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Morgan Stanley reduced their target price on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Eight 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.83.

Marathon Digital Stock Performance

The firm has a fifty day simple moving average of $13.41 and a 200 day simple moving average of $10.89. 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 $4.11 billion, a price-to-earnings ratio of -1.86 and a beta of 5.36.

Insider Buying and Selling

In other news, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. This represents a 3.63% decrease in their position. The transaction 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, Director Douglas K. Mellinger sold 7,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the sale, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CI Investments Inc. boosted its holdings in shares of Marathon Digital by 7.6% in the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after buying an additional 957 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares in the last quarter. Evexia Wealth LLC boosted its position in Marathon Digital by 9.2% during the 1st quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock worth $106,000 after acquiring an additional 1,090 shares during the last quarter. Sigma Planning Corp grew its stake in shares of Marathon Digital by 12.4% during the 4th quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock worth $107,000 after acquiring an additional 1,320 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Marathon Digital by 38.6% in the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,340 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

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.