Marathon Digital (NASDAQ:MARA) Shares Up 1.3% – Should You Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 1.3% during mid-day trading on Wednesday . The stock traded as high as $12.85 and last traded at $12.41. Approximately 42,417,906 shares were traded during mid-day trading, a decline of 8% from the average session volume of 45,953,961 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

Several brokerages have weighed in on MARA. 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. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald dropped their price objective 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. BTIG Research restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Citizens Jmp started coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Marathon Digital presently has a consensus rating of “Moderate Buy” and an average target price of $18.50.

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 stock’s 50 day moving average is $13.30 and its 200 day moving average is $10.98. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -2.14 and a beta of 5.36.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the completion of the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at $5,100,792. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the sale, the general counsel owned 970,768 shares of the company’s stock, valued at approximately $11,649,216. The trade was a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 109,260 shares of company stock valued at $1,452,756. Insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA acquired a new position in shares of Marathon Digital in the 4th quarter worth approximately $10,201,000. Exchange Traded Concepts LLC raised its position in shares of Marathon Digital by 47.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,539,210 shares of the business services provider’s stock valued at $13,822,000 after acquiring an additional 494,161 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Marathon Digital by 28.9% during the fourth quarter. New York State Teachers Retirement System now owns 427,726 shares of the business services provider’s stock worth $3,841,000 after purchasing an additional 95,970 shares during the last quarter. Vanguard Group Inc. lifted its stake in Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Marathon Digital in the fourth quarter worth $831,000. Hedge funds and other institutional investors 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.