Marathon Digital (NASDAQ:MARA) Trading Down 3.9% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 3.9% during trading on Tuesday . The stock traded as low as $13.66 and last traded at $14.2740. 51,268,464 shares were traded during trading, an increase of 27% from the average session volume of 40,238,872 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. 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. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Monday. Finally, Rosenblatt Securities boosted their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.38.

Marathon Digital Stock Down 3.8%

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 firm has a market capitalization of $5.44 billion, a P/E ratio of -2.50 and a beta of 5.41. The company has a 50 day simple moving average of $11.24 and a two-hundred day simple moving average of $10.38.

Insiders Place Their Bets

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $252,495.90. Following the completion of the transaction, the chief executive officer directly owned 4,788,954 shares in the company, valued at $43,962,597.72. This represents a 0.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $12.00, for a total value of $505,080.00. Following the completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 180,855 shares of company stock worth $2,033,654 in the last three months. 0.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Essential Partners LLC boosted its position in shares of 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 valued at $71,000 after acquiring an additional 8,648 shares during the last quarter. Western Wealth Management LLC boosted its position in shares of Marathon Digital by 26.1% during the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 5,610 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Marathon Digital during the 1st quarter valued at approximately $2,864,000. Amundi boosted its position in shares of Marathon Digital by 124.2% during the 1st quarter. Amundi now owns 53,425 shares of the business services provider’s stock valued at $436,000 after acquiring an additional 29,595 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Marathon Digital by 23.7% during the 1st quarter. California State Teachers Retirement System now owns 412,052 shares of the business services provider’s stock valued at $3,362,000 after acquiring an additional 78,842 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.