Marathon Digital (NASDAQ:MARA) Stock Price Down 5% – Should You Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 5% during trading on Wednesday . The company traded as low as $13.42 and last traded at $13.96. 52,127,082 shares were traded during mid-day trading, an increase of 15% from the average daily volume of 45,409,844 shares. The stock had previously closed at $14.70.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Citizens Jmp initiated coverage on shares of Marathon Digital in a report on Wednesday. They issued a “market outperform” rating and a $24.00 target price on the stock. Rosenblatt Securities lifted their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Morgan Stanley lowered their price target on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald cut their price objective 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. Eight equities 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Stock Performance

The firm has a market cap of $5.32 billion, a price-to-earnings ratio of -2.44 and a beta of 5.38. The stock’s 50 day moving average is $12.93 and its 200 day moving average is $10.64. 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 other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s 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 $228,000.00. Following the completion of the transaction, the chief financial officer directly owned 409,066 shares in the company, valued at $5,829,190.50. The trade was a 3.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 187,855 shares of company stock worth $2,353,975 over the last quarter. Company insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Western Wealth Management LLC lifted its holdings in shares of Marathon Digital by 26.1% during the first quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock worth $221,000 after buying an additional 5,610 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Marathon Digital by 14.2% in 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 in the last quarter. DV Trading LLC bought a new position in Marathon Digital during the first quarter worth about $99,000. Essential Partners LLC raised its stake in Marathon Digital by 288,266.7% in 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 stake in Marathon Digital in the 1st quarter worth about $2,864,000. 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.