Marathon Digital (NASDAQ:MARA) Coverage Initiated at Citizens Jmp

Research analysts at Citizens Jmp initiated coverage on shares of Marathon Digital (NASDAQ:MARA) in a note issued to investors on Wednesday. The firm set an “outperform” rating and a $24.00 price target on the business services provider’s stock. Citizens Jmp’s price objective would suggest a potential upside of 63.27% from the company’s current price.

A number of other research firms have also issued reports on MARA. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Cantor Fitzgerald reduced 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. Rosenblatt Securities upped their price target 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. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Morgan Stanley reduced their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.00.

Marathon Digital Stock Down 1.0%

NASDAQ:MARA opened at $14.70 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock has a 50 day moving average of $12.93 and a 200-day moving average of $10.64. The firm has a market capitalization of $5.60 billion, a PE ratio of -2.57 and a beta of 5.38. Marathon Digital has a 52 week low of $6.66 and a 52 week high of $23.45.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $99,750.00. Following the completion of the transaction, the general counsel directly owned 963,768 shares in the company, valued at $13,733,694. This trade represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. This represents a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 187,855 shares of company stock valued at $2,353,975. 0.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Marathon Digital by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after purchasing an additional 1,394,559 shares in the last quarter. State Street Corp lifted its holdings in shares of Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after buying an additional 191,380 shares during the last quarter. UBS Group AG grew its stake in shares of Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares in the last quarter. Marex Group plc grew its stake in shares of Marathon Digital by 2.6% in the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after buying an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Marathon Digital by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after acquiring an additional 251,674 shares in the last quarter. 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.