Marathon Digital (NASDAQ:MARA) Stock Price Down 7.3% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 7.3% on Thursday . The stock traded as low as $11.98 and last traded at $12.40. Approximately 50,452,654 shares traded hands during trading, an increase of 11% from the average daily volume of 45,542,969 shares. The stock had previously closed at $13.37.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Cantor Fitzgerald decreased their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Morgan Stanley decreased their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Monday, June 1st. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Rosenblatt Securities raised their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Marathon Digital currently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Price Performance

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 stock has a 50 day simple moving average of $13.32 and a 200-day simple moving average of $10.74. The firm has a market cap of $4.73 billion, a PE ratio of -2.17 and a beta of 5.36.

Insiders Place Their Bets

In related news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the sale, the chief financial officer owned 409,066 shares in the company, valued at approximately $5,829,190.50. This trade represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 194,855 shares of company stock worth $2,465,975. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. WINTON GROUP Ltd bought a new stake in shares of Marathon Digital in the third quarter worth about $4,643,000. Farallon Capital Management LLC increased its stake in Marathon Digital by 338.3% in the 3rd quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after acquiring an additional 2,825,000 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Marathon Digital during the 4th quarter worth approximately $10,201,000. Brevan Howard Capital Management LP boosted its position in shares of Marathon Digital by 238.7% during the 3rd quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock valued at $3,565,000 after acquiring an additional 137,606 shares during the last quarter. Finally, Clear Street Group Inc. purchased a new position in shares of Marathon Digital in the third quarter valued at $34,331,000. 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.