Marathon Digital (NASDAQ:MARA) Trading Up 3.8% – Still a Buy?

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

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Rosenblatt Securities upped their price target on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. BTIG Research reissued a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Citizens Jmp assumed coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price objective on the stock. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald dropped their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Marathon Digital Price Performance

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 firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of -1.97 and a beta of 5.40. The stock has a 50 day moving average price of $13.03 and a two-hundred day moving average price of $11.03.

Insider Transactions at Marathon Digital

In other news, Director Douglas K. Mellinger sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the transaction, the director owned 231,618 shares of the company’s stock, valued at approximately $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the completion of the sale, the chief financial officer directly owned 425,066 shares in the company, valued at approximately $5,100,792. This trade represents a 3.63% 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. In the last 90 days, insiders sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

A number of institutional investors have recently bought and sold shares of MARA. Integrated Wealth Concepts LLC raised its position in shares of Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares in the last quarter. NewEdge Advisors LLC raised 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 worth $88,000 after acquiring an additional 3,032 shares in the last quarter. United Services Automobile Association boosted its stake in Marathon Digital by 8.2% in the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after acquiring an additional 1,569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Marathon Digital by 11.0% during 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 purchasing an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Marathon Digital in the 2nd quarter valued at about $183,000. 44.53% of the stock is 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.