Marathon Digital (NASDAQ:MARA) Stock Price Up 9.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares shot up 9.2% during trading on Friday . The stock traded as high as $8.08 and last traded at $7.92. 50,673,534 shares changed hands during trading, an increase of 9% from the average session volume of 46,441,820 shares. The stock had previously closed at $7.25.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MARA. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Monday, November 24th. Morgan Stanley assumed coverage on Marathon Digital in a research note on Monday. They issued an “underweight” rating and a $8.00 price target for the company. Guggenheim started coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They set a “neutral” rating on the stock. JPMorgan Chase & Co. decreased their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Finally, Rosenblatt Securities cut their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Marathon Digital has a consensus rating of “Hold” and a consensus price target of $21.00.

Marathon Digital Stock Performance

The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 4.40 and a beta of 5.56. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The stock’s 50-day moving average is $10.00 and its 200-day moving average is $14.10.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the transaction, the chief financial officer owned 283,298 shares of the company’s stock, valued at approximately $3,396,743.02. This trade represents a 10.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 151,979 shares of company stock valued at $1,738,228 over the last quarter. 0.80% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after acquiring an additional 1,394,559 shares in the last quarter. State Street Corp grew its stake in Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after purchasing an additional 191,380 shares during the period. UBS Group AG increased its holdings in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares in the last quarter. Marex Group plc increased its holdings in Marathon Digital by 2.6% in the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock worth $91,037,000 after purchasing an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Marathon Digital by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after buying an additional 251,674 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

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.