Marathon Digital (NASDAQ:MARA) Shares Up 2.2% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price rose 2.2% on Tuesday . The stock traded as high as $8.17 and last traded at $8.05. Approximately 37,090,787 shares traded hands during trading, a decline of 17% from the average daily volume of 44,718,355 shares. The stock had previously closed at $7.88.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MARA. JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, November 24th. Rosenblatt Securities decreased their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Piper Sandler dropped their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. Finally, Morgan Stanley assumed coverage on Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Marathon Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The company has a 50 day simple moving average of $9.46 and a 200-day simple moving average of $13.66. The stock has a market capitalization of $3.04 billion, a P/E ratio of 4.47 and a beta of 5.56.

Insider Activity

In other news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total value of $122,560.00. Following the sale, the chief financial officer owned 359,165 shares of the company’s stock, valued at $2,751,203.90. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total transaction of $210,688.30. Following the completion of the transaction, the chief executive officer directly owned 3,381,861 shares of the company’s stock, valued at approximately $25,905,055.26. This trade represents a 0.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 133,247 shares of company stock worth $1,325,255. Insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors have recently made changes to their positions in MARA. Bessemer Group Inc. grew its position in shares of Marathon Digital by 56.8% in the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 659 shares in the last quarter. Archer Investment Corp boosted its stake in Marathon Digital by 10.9% in the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock worth $120,000 after purchasing an additional 750 shares during the period. Smartleaf Asset Management LLC grew its holdings in Marathon Digital by 15.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock valued at $108,000 after buying an additional 799 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Marathon Digital by 3.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock valued at $537,000 after buying an additional 882 shares during the period. Finally, Ameritas Investment Partners Inc. increased its position in shares of Marathon Digital by 2.7% during the second quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider’s stock valued at $556,000 after buying an additional 934 shares during the period. 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.