Marathon Digital (NASDAQ:MARA) Shares Down 3.3% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded down 3.3% during mid-day trading on Monday . The stock traded as low as $11.93 and last traded at $12.19. 35,603,545 shares were traded during mid-day trading, a decline of 22% from the average session volume of 45,365,477 shares. The stock had previously closed at $12.60.

Analyst Ratings Changes

A number of analysts recently commented on the company. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. BTIG Research restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald reduced their target price 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. Morgan Stanley lowered their price target on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Finally, Citizens Jmp assumed coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Marathon Digital has a consensus rating of “Moderate Buy” and an average price target of $18.83.

Marathon Digital Trading Down 0.2%

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 business has a 50 day moving average of $13.45 and a 200 day moving average of $10.86. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of -2.13 and a beta of 5.36.

Insider Buying and Selling

In related news, General Counsel Zabi Nowaid sold 42,090 shares of Marathon Digital stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the transaction, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This trade represents a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was sold at an average price of $14.25, for a total transaction of $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at $65,008,628.25. The trade was 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 a total of 194,855 shares of company stock worth $2,465,975 in the last ninety days. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of MARA. CI Investments Inc. lifted its stake in shares of Marathon Digital by 7.6% during the 1st quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock worth $110,000 after buying an additional 957 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after buying an additional 991 shares during the last quarter. Evexia Wealth LLC raised its holdings in Marathon Digital by 9.2% in the 1st quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 1,090 shares during the period. Sigma Planning Corp raised its holdings in Marathon Digital by 12.4% in the 4th quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,320 shares during the period. Finally, Osaic Holdings Inc. lifted its position in Marathon Digital by 38.6% during the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,340 shares during the last quarter. 44.53% of the stock is currently 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.