Marathon Digital (NASDAQ:MARA) Trading 2.2% Higher – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares shot up 2.2% during trading on Thursday . The company traded as high as $14.39 and last traded at $14.22. Approximately 31,194,655 shares were traded during trading, a decline of 31% from the average daily volume of 45,183,457 shares. The stock had previously closed at $13.92.

Wall Street Analysts Forecast Growth

MARA has been the subject of a number of research analyst reports. Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. 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. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Finally, Cantor Fitzgerald reduced their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Stock Performance

The firm has a market cap of $5.42 billion, a P/E ratio of -2.49 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. The company’s 50-day moving average is $12.53 and its two-hundred day moving average is $10.57.

Insider Activity

In related news, General Counsel Zabi Nowaid sold 42,090 shares of Marathon Digital stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $12.00, for a total transaction of $505,080.00. Following the transaction, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. The trade was a 4.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $321,258.40. Following the completion of the sale, the chief executive officer directly owned 4,725,219 shares of the company’s stock, valued at $55,190,557.92. The trade was a 0.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 137,350 shares of company stock worth $1,634,278 over the last 90 days. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS Group AG boosted its stake in shares of Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Marathon Digital in the third quarter worth $93,066,000. Norges Bank bought a new position in Marathon Digital in the 4th quarter valued at $39,492,000. Vanguard Group Inc. increased its position in shares of Marathon Digital by 9.8% during the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after purchasing an additional 4,049,979 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in shares of Marathon Digital during the 3rd quarter valued at $68,090,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.