Marathon Digital (NASDAQ:MARA) Trading Up 4.4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 4.4% on Monday . The company traded as high as $13.53 and last traded at $12.95. Approximately 30,490,996 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 45,425,047 shares. The stock had previously closed at $12.40.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MARA. Morgan Stanley dropped their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday, May 19th. Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Finally, Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Eight research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Trading Up 4.4%

The firm has a market cap of $4.94 billion, a price-to-earnings ratio of -2.26 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 business has a fifty day moving average of $13.32 and a two-hundred day moving average of $10.74.

Insider Transactions at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the transaction, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This represents 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. Insiders have sold a total of 194,855 shares of company stock valued at $2,465,975 in the last three months. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently added to or reduced their stakes in the business. 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 valued at $127,000 after purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association raised its position in shares of 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 purchasing an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Marathon Digital by 11.0% during the 1st 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 purchasing an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in Marathon Digital in the 2nd quarter valued at approximately $183,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.