Brokerages Set Marathon Digital Holdings, Inc. (NASDAQ:MARA) Price Target at $18.50

Marathon Digital Holdings, Inc. (NASDAQ:MARA) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $18.50.

Several analysts recently issued reports on MARA shares. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Citizens Jmp began coverage on Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective on the stock. Piper Sandler decreased their target price on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald dropped 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.

Marathon Digital Stock Performance

NASDAQ:MARA opened at $11.32 on Friday. 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 firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -1.98 and a beta of 5.36. The firm’s fifty day simple moving average is $13.12 and its 200 day simple moving average is $11.02. Marathon Digital has a twelve month low of $6.66 and a twelve month high of $23.45.

Insider Buying and Selling

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the sale, the director owned 231,618 shares of the company’s stock, valued at $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the sale, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. This represents a 0.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 109,260 shares of company stock worth $1,452,756 in the last 90 days. 0.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently added to or reduced their stakes in MARA. UBS Group AG increased its stake in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Marathon Digital in the third quarter valued at $93,066,000. Norges Bank bought a new position in Marathon Digital during the 4th quarter valued at $39,492,000. Van ECK Associates Corp boosted its stake in Marathon Digital by 125.4% during the 4th quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock valued at $24,489,000 after acquiring an additional 1,516,937 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after acquiring an additional 1,394,559 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.