Marathon Digital (NASDAQ:MARA) Trading Up 6.5% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 6.5% during mid-day trading on Wednesday . The company traded as high as $8.84 and last traded at $8.57. Approximately 57,073,923 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 45,055,469 shares. The stock had previously closed at $8.05.

Analysts Set New Price Targets

MARA has been the topic of several research reports. Rosenblatt Securities lowered their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. JPMorgan Chase & Co. dropped their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Morgan Stanley started coverage on Marathon Digital in a research note on Monday, February 9th. They set an “underweight” rating and a $8.00 price target for the company. Weiss Ratings raised Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, Piper Sandler dropped their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Marathon Digital Trading Up 6.5%

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 firm’s fifty day moving average is $9.40 and its two-hundred day moving average is $13.61. The firm has a market capitalization of $3.24 billion, a PE ratio of 4.76 and a beta of 5.56.

Insider Buying and Selling

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the transaction, the chief executive officer owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the transaction, the chief financial officer owned 248,566 shares of the company’s stock, valued at $2,853,537.68. This trade represents a 12.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 133,247 shares of company stock worth $1,325,255 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management increased its position in Marathon Digital by 2,407.4% in the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after buying an additional 1,300 shares during the last quarter. Bessemer Group Inc. lifted its holdings 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 worth $33,000 after buying an additional 659 shares in the last quarter. Estabrook Capital Management purchased a new stake in Marathon Digital in the 2nd quarter worth approximately $31,000. Salomon & Ludwin LLC bought a new stake in Marathon Digital during the third quarter valued at $47,000. Finally, Danske Bank A S bought a new stake in shares of Marathon Digital during the 3rd quarter valued at about $55,000. 44.53% of the stock is owned by institutional investors.

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.