Marathon Digital (NASDAQ:MARA) Trading Down 7.1% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 7.1% during mid-day trading on Thursday . The company traded as low as $11.25 and last traded at $11.42. 44,147,639 shares traded hands during trading, a decline of 3% from the average session volume of 45,494,063 shares. The stock had previously closed at $12.29.

Wall Street Analyst Weigh In

MARA has been the subject of a number of analyst reports. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Morgan Stanley reduced their price target on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Citizens Jmp began coverage on Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective for the company. Cantor Fitzgerald dropped their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. 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.com, Marathon Digital has a consensus rating of “Moderate Buy” and a consensus target price of $18.83.

Marathon Digital Stock Performance

The business has a 50-day moving average price of $13.44 and a 200-day moving average price of $10.87. 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 $4.35 billion, a price-to-earnings ratio of -2.00 and a beta of 5.36.

Insiders Place Their Bets

In other Marathon Digital news, General Counsel Zabi Nowaid sold 42,090 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $12.00, for a total value of $505,080.00. Following the completion of the sale, the general counsel owned 1,007,047 shares of the company’s stock, valued at approximately $12,084,564. This trade represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares in the company, valued at $5,100,792. The trade was a 3.63% 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. Over the last quarter, insiders sold 194,855 shares of company stock valued at $2,465,975. 0.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its stake 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 purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC increased 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 purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association increased its stake 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 valued at $257,000 after purchasing an additional 1,569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Marathon Digital by 11.0% in the first 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 worth $7,398,000 after buying an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Marathon Digital in the second quarter worth $183,000. 44.53% of the stock is owned by hedge funds and other 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.