Marathon Digital (NASDAQ:MARA) Trading Down 1.3% – Should You Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 1.3% during trading on Wednesday . The company traded as low as $7.28 and last traded at $7.56. 49,130,980 shares traded hands during trading, an increase of 6% from the average session volume of 46,562,707 shares. The stock had previously closed at $7.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, November 24th. Guggenheim began coverage on shares of Marathon Digital in a report on Tuesday, October 21st. They set a “neutral” rating on the stock. Piper Sandler lowered their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Cantor Fitzgerald dropped their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Finally, Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $21.00.

Marathon Digital Stock Performance

The stock has a 50 day simple moving average of $10.21 and a 200 day simple moving average of $14.20. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 4.20 and a beta of 5.56.

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the transaction, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the sale, the chief financial officer owned 283,298 shares of the company’s stock, valued at $3,396,743.02. This represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 151,979 shares of company stock valued at $1,738,228. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Marathon Digital by 8.4% during the second quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares during the last quarter. Emerald Advisers LLC increased its holdings in shares of Marathon Digital by 77.4% in the 2nd quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after acquiring an additional 252,864 shares during the period. Emerald Mutual Fund Advisers Trust boosted its stake in Marathon Digital by 91.3% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after purchasing an additional 165,688 shares during the period. Mizuho Markets Americas LLC acquired a new stake in shares of Marathon Digital in the third quarter valued at approximately $5,438,000. Finally, New York State Teachers Retirement System boosted its position in shares of Marathon Digital by 12.0% during the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after buying an additional 34,100 shares during the period. 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.