Marathon Digital (NASDAQ:MARA) Trading Down 1.1% – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 1.1% on Monday . The stock traded as low as $7.58 and last traded at $7.88. Approximately 32,723,467 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 44,925,813 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

MARA has been the topic of several research analyst reports. Cantor Fitzgerald lowered their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. JPMorgan Chase & Co. decreased their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 24th. Piper Sandler dropped their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Morgan Stanley began coverage on Marathon Digital in a research note on Monday, February 9th. They set an “underweight” rating and a $8.00 price target for the company. Finally, Weiss Ratings raised Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Marathon Digital Stock Performance

The firm has a market capitalization of $2.98 billion, a PE ratio of 4.38 and a beta of 5.56. The business has a 50-day simple moving average of $9.51 and a 200-day simple moving average of $13.72. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09.

Insider Activity

In related news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total transaction of $122,560.00. Following the completion of the transaction, the chief financial officer directly owned 359,165 shares of the company’s stock, valued at approximately $2,751,203.90. The trade was a 4.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total transaction of $210,688.30. Following the transaction, the chief executive officer owned 3,381,861 shares in the company, valued at $25,905,055.26. The trade was a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 133,247 shares of company stock valued at $1,325,255 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vident Advisory LLC grew its position in Marathon Digital by 71.0% in the 4th quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock valued at $15,209,000 after acquiring an additional 703,262 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Marathon Digital by 29.3% during the fourth quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock valued at $419,000 after purchasing an additional 10,194 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Marathon Digital by 19.6% in the fourth quarter. NewEdge Advisors LLC now owns 11,053 shares of the business services provider’s stock worth $99,000 after purchasing an additional 1,811 shares during the last quarter. XTX Topco Ltd increased its stake in Marathon Digital by 156.2% in the 4th quarter. XTX Topco Ltd now owns 69,801 shares of the business services provider’s stock worth $627,000 after buying an additional 42,551 shares during the period. Finally, Wellington Management Group LLP bought a new stake in Marathon Digital during the 4th quarter valued at about $3,171,000. 44.53% of the stock is 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.