Marathon Digital (NASDAQ:MARA) Trading Up 9.2% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 9.2% during mid-day trading on Friday . The company traded as high as $8.08 and last traded at $7.92. 50,673,534 shares were traded during trading, an increase of 9% from the average session volume of 46,441,820 shares. The stock had previously closed at $7.25.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Guggenheim initiated coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating for the company. Rosenblatt Securities cut their price target on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Macquarie Infrastructure upped their target price on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings cut Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.00.

Marathon Digital Price Performance

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average is $10.00 and its two-hundred day moving average is $14.10. The company has a market capitalization of $3.00 billion, a P/E ratio of 4.40 and a beta of 5.56.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the sale, the chief financial officer directly owned 283,298 shares of the company’s stock, valued at approximately $3,396,743.02. This trade represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the sale, the chief executive officer owned 3,517,566 shares in the company, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 151,979 shares of company stock worth $1,738,228 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management raised its position in Marathon Digital by 2,407.4% in the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after acquiring an additional 1,300 shares during the period. Estabrook Capital Management purchased a new stake in shares of Marathon Digital during the 2nd quarter worth approximately $31,000. Bessemer Group Inc. raised its holdings in shares of Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares during the period. Eurizon Capital SGR S.p.A. purchased a new position in Marathon Digital in the fourth quarter valued at approximately $36,000. Finally, IFP Advisors Inc grew its holdings in Marathon Digital by 375.4% during the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 2,001 shares during the period. 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.