Marathon Digital (NASDAQ:MARA) Stock Price Down 6.4% on Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 6.4% during trading on Friday after Piper Sandler lowered their price target on the stock from $16.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Marathon Digital traded as low as $10.54 and last traded at $10.69. 43,264,393 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 45,477,684 shares. The stock had previously closed at $11.42.

Several other analysts also recently issued reports on MARA. Rosenblatt Securities upped their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Citizens Jmp initiated coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price on the stock. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, Morgan Stanley lowered their price target on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research report on Wednesday, July 8th. Eight equities 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Insiders Place Their Bets

In related news, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director directly owned 231,618 shares in the company, valued at $3,705,888. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 409,066 shares of the company’s stock, valued at approximately $5,829,190.50. The trade was a 3.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 109,260 shares of company stock valued at $1,452,756 over the last ninety days. 0.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ascentis Independent Advisors acquired a new position in shares of Marathon Digital during the first quarter valued at about $28,000. Bogart Wealth LLC lifted its stake in shares of Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after buying an additional 3,954 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of Marathon Digital in the fourth quarter valued at about $36,000. Hantz Financial Services Inc. grew its position in Marathon Digital by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after buying an additional 3,893 shares in the last quarter. Finally, CoreCap Advisors LLC grew its position in Marathon Digital by 128.0% during the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after buying an additional 2,050 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Stock Down 6.4%

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market capitalization of $4.08 billion, a P/E ratio of -1.87 and a beta of 5.36. The firm has a 50 day moving average of $13.41 and a 200-day moving average of $10.89.

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.