Marathon Digital (NASDAQ:MARA) Trading Down 4.2% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 4.2% on Friday . The stock traded as low as $11.07 and last traded at $11.32. 38,570,569 shares were traded during trading, a decline of 16% from the average daily volume of 46,119,250 shares. The stock had previously closed at $11.82.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MARA. Morgan Stanley decreased their price objective 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. Citizens Jmp initiated coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Finally, Rosenblatt Securities lifted their price objective 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. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Marathon Digital Price Performance

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 company has a market capitalization of $4.32 billion, a PE ratio of -1.98 and a beta of 5.36. The stock’s 50-day moving average is $13.12 and its two-hundred day moving average is $11.02.

Insiders Place Their Bets

In related news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the sale, the general counsel directly owned 970,768 shares of the company’s stock, valued at approximately $11,649,216. This trade represents a 0.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the business’s stock in a transaction 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 transaction, the director owned 231,618 shares of the company’s stock, valued at approximately $3,705,888. The trade was a 2.93% 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 ninety days, insiders sold 109,260 shares of company stock worth $1,452,756. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

A number of large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC increased its stake in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the period. NewEdge Advisors LLC boosted its position in Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after buying an additional 3,032 shares during the period. United Services Automobile Association grew its stake in Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $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 grew its stake in Marathon Digital by 11.0% in the 1st 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 acquiring an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in Marathon Digital in the 2nd quarter worth 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.