Marathon Digital (NASDAQ:MARA) Trading 9.6% Higher – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 9.6% during mid-day trading on Monday . The stock traded as high as $13.56 and last traded at $13.50. 14,257,286 shares traded hands during trading, a decline of 69% from the average session volume of 45,603,715 shares. The stock had previously closed at $12.32.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald reduced 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 report on Thursday, April 9th. Morgan Stanley reduced their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Rosenblatt Securities upped their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $18.38.

Marathon Digital Stock Up 11.5%

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 stock has a market capitalization of $5.24 billion, a P/E ratio of -2.41 and a beta of 5.38. The business has a 50-day moving average price of $11.66 and a 200 day moving average price of $10.41.

Insider Activity

In other news, General Counsel Zabi Nowaid sold 42,090 shares of the 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 completion of the transaction, the general counsel directly owned 1,007,047 shares in the company, valued at approximately $12,084,564. This represents a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 that occurred on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. This represents a 0.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 180,855 shares of company stock worth $2,033,654. 0.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of Marathon Digital by 56.8% during the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Marathon Digital by 15.9% in the third quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after buying an additional 799 shares during the last quarter. United Capital Management of KS Inc. lifted its position in Marathon Digital by 2.4% in the third quarter. United Capital Management of KS Inc. now owns 40,054 shares of the business services provider’s stock worth $731,000 after buying an additional 937 shares during the last quarter. CI Investments Inc. lifted its position in Marathon Digital by 7.6% in the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock worth $110,000 after buying an additional 957 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.