Marathon Digital (NASDAQ:MARA) Trading Up 2.2% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 2.2% during mid-day trading on Thursday . The company traded as high as $14.39 and last traded at $14.22. Approximately 31,194,655 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 45,183,457 shares. The stock had previously closed at $13.92.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MARA shares. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Cantor Fitzgerald dropped their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Stock 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 company’s 50-day moving average is $12.73 and its two-hundred day moving average is $10.61. The stock has a market capitalization of $5.42 billion, a P/E ratio of -2.49 and a beta of 5.38.

Insider Activity at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. This trade represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was 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 of the company’s stock, valued at $11,649,216. The trade was a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 137,350 shares of company stock worth $1,634,278 in the last three months. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several large investors have recently bought and sold shares of MARA. Danske Bank A S bought a new stake in Marathon Digital in the third quarter worth about $55,000. Ascentis Independent Advisors acquired a new stake in shares of Marathon Digital during the 1st quarter valued at $28,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital during the 4th quarter valued at $36,000. Bogart Wealth LLC boosted its stake in shares of Marathon Digital by 4,345.1% during the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after acquiring an additional 3,954 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Marathon Digital during the 3rd quarter worth $79,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.