Marathon Digital (NASDAQ:MARA) Trading Up 3.8% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 3.8% during mid-day trading on Monday . The company traded as high as $11.89 and last traded at $11.75. Approximately 26,719,629 shares were traded during mid-day trading, a decline of 42% from the average session volume of 46,006,406 shares. The stock had previously closed at $11.32.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citizens Jmp initiated coverage on Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target for the company. Morgan Stanley cut their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Cantor Fitzgerald reduced their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, Rosenblatt Securities upped their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Stock Performance

The firm has a 50 day moving average of $13.12 and a two-hundred day moving average of $11.02. The stock has a market cap of $4.48 billion, a P/E ratio of -2.05 and a beta of 5.40. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’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 $391,946.25. Following the sale, the chief executive officer owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director directly owned 231,618 shares in the company, valued at $3,705,888. This trade represents a 2.93% 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 109,260 shares of company stock valued at $1,452,756 in the last three months. 0.97% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. State Street Corp raised its position in shares of Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after buying an additional 191,380 shares during the last quarter. UBS Group AG lifted its stake in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the period. Marex Group plc lifted its stake in shares of Marathon Digital by 2.6% in the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after buying an additional 259,210 shares during the period. Finally, Geode Capital Management LLC grew its position in Marathon Digital by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after buying an additional 251,674 shares in the last quarter. 44.53% of the stock is currently 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.