Marathon Digital (NASDAQ:MARA) Shares Up 2.2% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 2.2% during trading on Tuesday . The stock traded as high as $8.17 and last traded at $8.05. 37,090,787 shares changed hands during trading, a decline of 17% from the average session volume of 44,718,355 shares. The stock had previously closed at $7.88.

Analyst Ratings Changes

Several research firms have issued reports on MARA. Morgan Stanley started coverage on shares of Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price on the stock. Piper Sandler lowered their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. JPMorgan Chase & Co. dropped their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Weiss Ratings upgraded Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, Cantor Fitzgerald lowered their price target on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Marathon Digital Price Performance

The stock has a market capitalization of $3.04 billion, a P/E ratio of 4.47 and a beta of 5.56. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a 50-day moving average price of $9.46 and a 200 day moving average price of $13.66.

Insider Buying and Selling

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the transaction, the chief financial officer directly owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This trade represents a 12.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the sale, the chief executive officer owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 133,247 shares of company stock worth $1,325,255 over the last quarter. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Hollencrest Capital Management increased its holdings in shares of 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 buying an additional 1,300 shares during the period. Estabrook Capital Management bought a new position in Marathon Digital during the 2nd quarter worth approximately $31,000. Bessemer Group Inc. increased its stake in 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 4th quarter worth approximately $36,000. Finally, Hantz Financial Services Inc. lifted its position in Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other 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.