Marathon Digital (NASDAQ:MARA) Trading Up 4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 4% during trading on Monday . The stock traded as high as $15.23 and last traded at $14.64. 33,945,394 shares were traded during trading, a decline of 25% from the average session volume of 45,458,215 shares. The stock had previously closed at $14.08.

Analysts Set New Price Targets

Several brokerages have recently commented on MARA. Morgan Stanley lowered 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 price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Rosenblatt Securities increased their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. 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. Finally, Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.38.

Marathon Digital Trading Up 4.0%

The company has a market capitalization of $5.58 billion, a P/E ratio of -2.56 and a beta of 5.38. The stock’s 50 day moving average is $12.19 and its 200-day moving average is $10.50. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insiders Place Their Bets

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $99,000.00. Following the sale, the general counsel owned 970,768 shares in the company, valued at approximately $11,649,216. This represents a 0.84% 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. 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 dated Monday, May 18th. The stock was 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 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. Over the last quarter, insiders have sold 180,855 shares of company stock worth $2,033,654. 0.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of MARA. UBS Group AG grew its holdings in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares during the period. Voloridge Investment Management LLC purchased a new stake in Marathon Digital in the third quarter worth about $93,066,000. Norges Bank purchased a new stake in Marathon Digital in the fourth quarter worth about $39,492,000. Vanguard Group Inc. grew its holdings in Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares during the period. Finally, Capital Research Global Investors purchased a new stake in Marathon Digital in the third quarter worth about $68,090,000. Hedge funds and other institutional investors 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.