Marathon Digital (NASDAQ:MARA) Shares Up 7.8% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price shot up 7.8% on Thursday . The stock traded as high as $13.68 and last traded at $13.61. 34,522,712 shares changed hands during trading, a decline of 24% from the average session volume of 45,592,082 shares. The stock had previously closed at $12.62.

Analyst Ratings Changes

Several research firms have recently weighed in on MARA. Cantor Fitzgerald decreased their price target on shares of 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 price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Tuesday, May 19th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Rosenblatt Securities upped their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Trading Up 7.8%

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 stock’s 50 day moving average price is $11.96 and its 200-day moving average price is $10.46. The stock has a market capitalization of $5.19 billion, a P/E ratio of -2.38 and a beta of 5.38.

Insider Activity

In other news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $252,495.90. Following the transaction, the chief executive officer directly owned 4,788,954 shares in the company, valued at approximately $43,962,597.72. This trade represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the transaction, the chief financial officer owned 441,066 shares in the company, valued at approximately $5,151,650.88. This represents a 3.50% 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 ninety days, insiders have sold 180,855 shares of company stock worth $2,033,654. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently made changes to their positions in the business. Bessemer Group Inc. increased its position in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares in the last quarter. Danske Bank A S acquired a new position in shares of Marathon Digital during the third quarter worth $55,000. Ascentis Independent Advisors acquired a new position in shares of Marathon Digital during the first quarter worth $28,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Marathon Digital during the fourth quarter worth $36,000. Finally, Bogart Wealth LLC increased its position in shares of Marathon Digital by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after purchasing an additional 3,954 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.