First Trust Advisors LP Reduces Stake in Marathon Digital Holdings, Inc. $MARA

First Trust Advisors LP lowered its stake in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 30.7% in the 1st quarter, Holdings Channel reports. The firm owned 974,234 shares of the business services provider’s stock after selling 431,777 shares during the quarter. First Trust Advisors LP’s holdings in Marathon Digital were worth $7,950,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC lifted its holdings in shares of Marathon Digital by 9.8% in the first 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. Evexia Wealth LLC grew its stake in Marathon Digital by 9.2% during the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 1,090 shares in the last quarter. Sigma Planning Corp grew its stake in Marathon Digital by 12.4% during the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,320 shares in the last quarter. Osaic Holdings Inc. grew its stake in Marathon Digital by 38.6% during the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after acquiring an additional 1,340 shares in the last quarter. Finally, United Services Automobile Association increased its holdings in 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 worth $257,000 after acquiring an additional 1,569 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MARA shares. Rosenblatt Securities increased their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Piper Sandler lowered their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Insider Transactions at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the transaction, the general counsel directly owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. This trade represents a 0.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 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 $391,946.25. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 109,260 shares of company stock worth $1,452,756. 0.97% of the stock is currently owned by company insiders.

Marathon Digital Stock Performance

NASDAQ MARA opened at $11.32 on Friday. Marathon Digital Holdings, Inc. has a 52-week low of $6.66 and a 52-week high of $23.45. 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 company has a market capitalization of $4.32 billion, a P/E ratio of -1.98 and a beta of 5.36. The company has a fifty day moving average of $13.12 and a 200-day moving average of $11.02.

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.