Marathon Digital (NASDAQ:MARA) Trading Down 2.9% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 2.9% during trading on Monday . The company traded as low as $11.44 and last traded at $11.77. 41,871,638 shares changed hands during trading, a decline of 9% from the average session volume of 46,057,820 shares. The stock had previously closed at $12.12.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MARA shares. Piper Sandler lowered their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. Cantor Fitzgerald dropped their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Morgan Stanley cut their target price on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Citizens Jmp initiated coverage on Marathon Digital in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Stock Down 2.9%

The firm has a market cap of $4.49 billion, a price-to-earnings ratio of -2.06 and a beta of 5.36. The business’s 50-day moving average is $13.30 and its 200-day moving average is $10.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Activity

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the sale, the chief executive officer directly 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 sale was disclosed in a filing 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 firm’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 transaction of $228,000.00. Following the sale, the chief financial officer directly owned 409,066 shares of the company’s stock, valued at approximately $5,829,190.50. The trade was a 3.76% decrease in their position. 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 sold a total of 109,260 shares of company stock valued at $1,452,756 over the last three months. 0.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of MARA. UBS Group AG raised its position in 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 valued at $220,922,000 after purchasing an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Marathon Digital in the third quarter worth $93,066,000. Norges Bank bought a new stake in shares of Marathon Digital during the fourth quarter worth $39,492,000. Van ECK Associates Corp grew its holdings in shares of Marathon Digital by 125.4% during the fourth quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock worth $24,489,000 after purchasing an additional 1,516,937 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Marathon Digital by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after buying an additional 1,394,559 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.