Marathon Digital (NASDAQ:MARA) Stock Price Down 1.5% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 1.5% during mid-day trading on Tuesday . The stock traded as low as $14.39 and last traded at $14.42. 37,661,076 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 45,372,199 shares. The stock had previously closed at $14.64.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. BTIG Research reissued a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald cut their target price 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. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Price Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -2.52 and a beta of 5.38. The stock’s 50 day moving average price is $12.31 and its two-hundred day moving average price is $10.53.

Insider Transactions at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $321,258.40. Following the transaction, the chief executive officer directly owned 4,725,219 shares of the company’s stock, valued at approximately $55,190,557.92. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the transaction, the general counsel directly owned 1,007,047 shares in the company, valued at $12,084,564. This trade represents a 4.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 137,350 shares of company stock valued at $1,634,278. 0.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Marathon Digital in the third quarter worth $4,643,000. Farallon Capital Management LLC increased its stake in shares of Marathon Digital by 338.3% in the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after acquiring an additional 2,825,000 shares during the last quarter. Stevens Capital Management LP increased its stake in shares of Marathon Digital by 446.6% in the third quarter. Stevens Capital Management LP now owns 319,549 shares of the business services provider’s stock worth $5,835,000 after acquiring an additional 261,085 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in Marathon Digital in the fourth quarter worth $10,201,000. 44.53% of the stock is owned by institutional investors and hedge funds.

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.