Marathon Digital (NASDAQ:MARA) Trading 1.1% Higher – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 1.1% during trading on Wednesday . The stock traded as high as $12.54 and last traded at $12.29. Approximately 48,922,112 shares traded hands during trading, an increase of 8% from the average daily volume of 45,503,496 shares. The stock had previously closed at $12.16.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MARA shares. Morgan Stanley reduced their price objective on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a report on Wednesday, July 8th. BTIG Research reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Citizens Jmp initiated coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price on the stock. Cantor Fitzgerald cut their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Finally, Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.83.

Marathon Digital Stock Up 1.0%

The firm has a market cap of $4.68 billion, a PE ratio of -2.15 and a beta of 5.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The firm’s 50-day moving average price is $13.45 and its two-hundred day moving average price is $10.86.

Insider Activity at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $228,000.00. Following the completion of the sale, the chief financial officer directly owned 409,066 shares of the company’s stock, valued at $5,829,190.50. The trade was a 3.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the transaction, the general counsel owned 963,768 shares of the company’s stock, valued at $13,733,694. This represents a 0.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 194,855 shares of company stock valued at $2,465,975 over the last quarter. 0.97% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

A number of large investors have recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new position in Marathon Digital during the 1st quarter worth approximately $28,000. Bogart Wealth LLC lifted its stake in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after buying an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital in the fourth quarter valued at approximately $36,000. Hantz Financial Services Inc. boosted its holdings in shares of Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 3,893 shares during the period. Finally, CoreCap Advisors LLC grew its position in shares of Marathon Digital by 128.0% during the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after acquiring an additional 2,050 shares during the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.