Marathon Digital (NASDAQ:MARA) Trading Down 3.4% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 3.4% on Tuesday . The company traded as low as $12.64 and last traded at $13.31. Approximately 48,215,770 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 45,805,547 shares. The stock had previously closed at $13.78.

Analyst Ratings Changes

MARA has been the subject of a number of analyst reports. Cantor Fitzgerald decreased their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. BTIG Research reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Rosenblatt Securities upped their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Morgan Stanley decreased their price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. Finally, Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Trading Down 3.4%

The firm has a market cap of $5.07 billion, a price-to-earnings ratio of -2.33 and a beta of 5.38. The business’s 50 day moving average price is $11.76 and its 200-day moving average price is $10.42. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Buying and Selling

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $330,060.00. Following the sale, the chief executive officer owned 4,589,514 shares in the company, valued at $55,074,168. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,250 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the sale, the general counsel owned 970,768 shares in the company, valued at approximately $11,649,216. This trade represents a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 180,855 shares of company stock worth $2,033,654 over the last quarter. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently bought and sold shares of MARA. Integrated Wealth Concepts LLC raised its stake in Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares during the period. NewEdge Advisors LLC raised its stake in Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after acquiring an additional 3,032 shares during the period. United Services Automobile Association raised its stake in Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Marathon Digital by 11.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after acquiring an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in Marathon Digital during the second quarter worth about $183,000. Institutional investors and hedge funds 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.