Marathon Digital (NASDAQ:MARA) Trading Down 5% Following Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was down 5% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $13.42 and last traded at $13.96. Approximately 52,127,082 shares traded hands during trading, an increase of 15% from the average daily volume of 45,409,844 shares. The stock had previously closed at $14.70.

Specifically, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other news, General Counsel Zabi Nowaid sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the sale, the general counsel directly owned 963,768 shares of the company’s stock, valued at $13,733,694. The trade was a 0.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MARA. Citizens Jmp began coverage on Marathon Digital in a research report on Wednesday. They set a “market outperform” rating and a $24.00 price objective for the company. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Rosenblatt Securities raised their price target on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Eight 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Marathon Digital Trading Up 4.7%

The firm has a 50 day simple moving average of $13.07 and a 200 day simple moving average of $10.67. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $5.54 billion, a PE ratio of -2.54 and a beta of 5.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MARA. Integrated Wealth Concepts LLC increased its holdings in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after acquiring an additional 3,032 shares during the period. United Services Automobile Association boosted its holdings in shares of Marathon Digital by 8.2% during the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Marathon Digital by 11.0% during the 1st 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 valued at $7,398,000 after acquiring an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Marathon Digital during the 2nd quarter valued at about $183,000. 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.