Marathon Digital (NASDAQ:MARA) Trading 4.7% Higher – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 4.7% during trading on Friday . The stock traded as high as $15.00 and last traded at $14.5280. 55,153,521 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 45,505,715 shares. The stock had previously closed at $13.88.

Analyst Ratings Changes

MARA has been the topic of a number of research analyst reports. BTIG Research reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley dropped their price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Tuesday, May 19th. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Marathon Digital has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Trading Up 4.7%

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

Insider Buying and Selling at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 7,000 shares of the 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 $99,750.00. Following the completion of the sale, the general counsel owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. This represents a 0.72% decrease in their position. The transaction was disclosed in a document filed 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 firm’s 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 $228,000.00. Following the completion of the transaction, the chief financial officer owned 409,066 shares in the company, valued at $5,829,190.50. The trade was a 3.76% 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 sold a total of 194,855 shares of company stock worth $2,465,975 in the last quarter. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC boosted its position in Marathon Digital by 26.1% during the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock worth $221,000 after purchasing an additional 5,610 shares during the period. Empowered Funds LLC raised its position in Marathon Digital by 14.2% in the first quarter. Empowered Funds LLC now owns 13,091 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 1,632 shares during the period. DV Trading LLC acquired a new position in shares of Marathon Digital during the first quarter worth about $99,000. Essential Partners LLC lifted its stake in shares of Marathon Digital by 288,266.7% during the first quarter. Essential Partners LLC now owns 8,651 shares of the business services provider’s stock worth $71,000 after purchasing an additional 8,648 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Marathon Digital in the first quarter worth about $2,864,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

Marathon Digital Company Profile

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.