Marathon Digital (NASDAQ:MARA) Shares Up 6.5% – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 6.5% during trading on Wednesday . The stock traded as high as $8.84 and last traded at $8.57. Approximately 57,073,923 shares traded hands during trading, an increase of 27% from the average daily volume of 45,055,469 shares. The stock had previously closed at $8.05.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley started coverage on Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective on the stock. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, November 24th. Piper Sandler lowered their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Cantor Fitzgerald dropped their price objective on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Finally, Rosenblatt Securities cut their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, Marathon Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Marathon Digital Trading Up 6.5%

The stock has a market cap of $3.24 billion, a PE ratio of 4.76 and a beta of 5.56. The firm has a 50-day moving average price of $9.40 and a 200-day moving average price of $13.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09.

Insider Activity

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the transaction, the chief executive officer owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the 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 sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. The trade was a 12.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 133,247 shares of company stock valued at $1,325,255 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after buying an additional 4,049,979 shares during the period. Bank of New York Mellon Corp lifted its holdings in Marathon Digital by 8.4% during the second quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares in the last quarter. Emerald Advisers LLC boosted its position in shares of Marathon Digital by 77.4% in the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after purchasing an additional 252,864 shares during the period. Emerald Mutual Fund Advisers Trust increased its stake in shares of Marathon Digital by 91.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock worth $5,444,000 after purchasing an additional 165,688 shares in the last quarter. Finally, Mizuho Markets Americas LLC purchased a new stake in shares of Marathon Digital in the third quarter worth $5,438,000. 44.53% of the stock is owned by institutional investors.

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.