Marathon Digital (NASDAQ:MARA) Stock Price Down 3.7% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 3.7% during mid-day trading on Wednesday . The stock traded as low as $13.18 and last traded at $13.37. Approximately 40,459,400 shares traded hands during trading, a decline of 11% from the average daily volume of 45,500,070 shares. The stock had previously closed at $13.89.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MARA. Rosenblatt Securities lifted their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley reduced their price target on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Citizens Jmp assumed coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. 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 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 MarketBeat, Marathon Digital currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Marathon Digital Stock Down 3.7%

The firm has a 50 day moving average of $13.25 and a two-hundred day moving average of $10.71. The stock has a market capitalization of $5.10 billion, a PE ratio of -2.34 and a beta of 5.38. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Transactions at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $391,946.25. Following the sale, the chief executive officer directly owned 4,562,009 shares in the company, valued at $65,008,628.25. The trade was a 0.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the sale, the director directly owned 231,618 shares in the company, valued at approximately $3,705,888. The trade was a 2.93% 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 quarter, insiders sold 194,855 shares of company stock worth $2,465,975. Corporate insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently bought and sold shares of MARA. Western Wealth Management LLC raised its holdings in shares of Marathon Digital by 26.1% in the first quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock worth $221,000 after acquiring an additional 5,610 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Marathon Digital by 14.2% during the first quarter. Empowered Funds LLC now owns 13,091 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,632 shares during the last quarter. DV Trading LLC purchased a new stake in Marathon Digital during the 1st quarter worth about $99,000. Essential Partners LLC increased its position in Marathon Digital by 288,266.7% during the 1st quarter. Essential Partners LLC now owns 8,651 shares of the business services provider’s stock worth $71,000 after purchasing an additional 8,648 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Marathon Digital in the 1st quarter valued at about $2,864,000. Institutional investors and hedge funds 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.