Marathon Digital (NASDAQ:MARA) Shares Up 9.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 9.2% during mid-day trading on Monday . The stock traded as high as $12.03 and last traded at $11.67. 60,993,088 shares traded hands during trading, an increase of 34% from the average daily volume of 45,595,324 shares. The stock had previously closed at $10.69.

Wall Street Analysts Forecast Growth

MARA has been the topic of several recent analyst reports. BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Cantor Fitzgerald lowered their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Rosenblatt Securities raised their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Piper Sandler dropped their target price on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Marathon Digital has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Trading Up 9.2%

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 company has a market cap of $4.45 billion, a P/E ratio of -2.04 and a beta of 5.36. The business has a 50-day moving average price of $13.37 and a two-hundred day moving average price of $10.90.

Insider Buying and Selling at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 in the company, valued at approximately $5,100,792. The trade was a 3.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is currently owned by company insiders.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ascentis Independent Advisors acquired a new stake in shares of Marathon Digital during the first quarter worth $28,000. Bogart Wealth LLC increased its holdings in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Marathon Digital in the fourth quarter valued at about $36,000. Hantz Financial Services Inc. lifted its stake in Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after buying an additional 3,893 shares during the period. Finally, CoreCap Advisors LLC boosted its holdings in Marathon Digital by 128.0% during the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after buying an additional 2,050 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.