Marathon Digital (NASDAQ:MARA) Shares Down 5.2% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 5.2% on Wednesday . The stock traded as low as $12.62 and last traded at $12.62. Approximately 32,914,864 shares changed hands during trading, a decline of 28% from the average daily volume of 45,688,160 shares. The stock had previously closed at $13.31.

Analysts Set New Price Targets

Several research firms have recently issued reports on MARA. Rosenblatt Securities boosted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Morgan Stanley decreased their price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. Finally, BTIG Research restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Price Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a market cap of $4.81 billion, a PE ratio of -2.21 and a beta of 5.38. The firm’s fifty day simple moving average is $11.87 and its two-hundred day simple moving average is $10.44.

Insiders Place Their Bets

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $252,495.90. Following the completion of the transaction, the chief executive officer directly owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. The trade was a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Friday, April 17th. The stock was sold at an average price of $11.68, for a total transaction of $186,880.00. Following the transaction, the chief financial officer directly owned 441,066 shares of the company’s stock, valued at $5,151,650.88. The trade was a 3.50% decrease in their ownership of the stock. 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 180,855 shares of company stock valued at $2,033,654 over the last three months. 0.80% of the stock is owned by company insiders.

Institutional Trading of Marathon Digital

A number of large investors have recently made changes to their positions in MARA. Integrated Wealth Concepts LLC increased its holdings in shares of Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after acquiring an additional 3,032 shares during the period. United Services Automobile Association increased its holdings in shares of Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after acquiring an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Marathon Digital by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock valued at $7,398,000 after acquiring an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. bought a new position in Marathon Digital in the second quarter worth about $183,000. 44.53% of the stock is 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.