Marathon Digital (NASDAQ:MARA) Shares Up 6.1% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price rose 6.1% on Thursday . The company traded as high as $8.08 and last traded at $7.96. Approximately 36,133,625 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 45,515,363 shares. The stock had previously closed at $7.50.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MARA shares. Weiss Ratings downgraded shares of Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, February 5th. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Morgan Stanley initiated coverage on Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective for the company. JPMorgan Chase & Co. lowered 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. Finally, Cantor Fitzgerald reduced their price objective on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Marathon Digital presently has an average rating of “Hold” and a consensus target price of $21.00.

Marathon Digital Stock Performance

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 $9.66 and a 200-day moving average price of $13.84. The company has a market cap of $3.01 billion, a P/E ratio of 4.42 and a beta of 5.56.

Insider Activity at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the transaction, the chief executive officer directly 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 document filed with the SEC, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the transaction, the chief financial officer owned 248,566 shares of the company’s stock, valued at $2,853,537.68. This trade represents a 12.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 89,742 shares of company stock worth $992,006 in the last three months. 0.80% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in Marathon Digital by 8.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock worth $35,846,000 after acquiring an additional 177,771 shares during the last quarter. Emerald Advisers LLC grew its holdings in Marathon Digital by 77.4% in the 2nd quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock valued at $9,088,000 after buying an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its holdings in shares of Marathon Digital by 91.3% during 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 during the period. Mizuho Markets Americas LLC bought a new position in Marathon Digital in the 3rd quarter valued at about $5,438,000. Finally, Journey Strategic Wealth LLC bought a new stake in shares of Marathon Digital during the 2nd quarter worth $459,000. 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.