Marathon Digital (NASDAQ:MARA) Trading Down 3.4% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 3.4% during trading on Tuesday . The stock traded as low as $12.64 and last traded at $13.31. Approximately 48,215,770 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 45,805,547 shares. The stock had previously closed at $13.78.

Analyst Upgrades and Downgrades

MARA has been the topic of several analyst reports. Morgan Stanley dropped their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Rosenblatt Securities raised their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Cantor Fitzgerald dropped their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Stock Down 3.4%

The firm has a market capitalization of $5.07 billion, a P/E ratio of -2.33 and a beta of 5.38. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The firm’s fifty day moving average price is $11.76 and its 200-day moving average price is $10.42.

Insider Buying and Selling

In related news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the sale, the general counsel directly owned 970,768 shares in the company, valued at approximately $11,649,216. This trade represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares of the company’s stock, valued at $5,100,792. The trade was a 3.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 180,855 shares of company stock worth $2,033,654. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

A number of large investors have recently added to or reduced their stakes in the business. DV Trading LLC bought a new stake in Marathon Digital during the first quarter worth approximately $99,000. Essential Partners LLC lifted its position in shares of Marathon Digital by 288,266.7% in the 1st quarter. Essential Partners LLC now owns 8,651 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 8,648 shares in the last quarter. Western Wealth Management LLC lifted its position in shares of Marathon Digital by 26.1% in the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 5,610 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Marathon Digital in the 1st quarter valued at approximately $2,864,000. Finally, Amundi lifted its position in shares of Marathon Digital by 124.2% in the 1st quarter. Amundi now owns 53,425 shares of the business services provider’s stock valued at $436,000 after acquiring an additional 29,595 shares in the last quarter. 44.53% of the stock is currently 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.