Fifth Third Bancorp Boosts Holdings in Marathon Digital Holdings, Inc. $MARA

Fifth Third Bancorp boosted its holdings in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 9,020.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 94,118 shares of the business services provider’s stock after buying an additional 93,086 shares during the quarter. Fifth Third Bancorp’s holdings in Marathon Digital were worth $768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MARA. UBS Group AG raised its position in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Marathon Digital during the 3rd quarter valued at $93,066,000. Norges Bank bought a new stake in shares of Marathon Digital during the 4th quarter valued at $39,492,000. Van ECK Associates Corp increased its stake in shares of Marathon Digital by 125.4% in the 4th quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock worth $24,489,000 after purchasing an additional 1,516,937 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Stock Performance

Shares of NASDAQ MARA opened at $11.77 on Tuesday. The stock has a market cap of $4.49 billion, a PE ratio of -2.06 and a beta of 5.36. Marathon Digital Holdings, Inc. has a 1 year low of $6.66 and a 1 year high of $23.45. The firm has a fifty day moving average price of $13.29 and a 200-day moving average price of $11.00. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insider Activity

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the sale, the general counsel directly owned 970,768 shares of the company’s stock, valued at $11,649,216. This trade represents a 0.84% decrease in their ownership of the stock. The transaction 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, CFO Salman Hassan Khan sold 16,000 shares of the firm’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 directly owned 425,066 shares in the company, valued at approximately $5,100,792. This represents 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. Over the last 90 days, insiders sold 109,260 shares of company stock worth $1,452,756. 0.97% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MARA shares. BTIG Research reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald reduced their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Morgan Stanley decreased their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Piper Sandler cut their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

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.