Marathon Digital (NASDAQ:MARA) Shares Down 3.5% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 3.5% during trading on Monday . The stock traded as low as $13.28 and last traded at $14.03. 50,211,223 shares changed hands during trading, an increase of 10% from the average daily volume of 45,534,164 shares. The stock had previously closed at $14.54.

Analyst Ratings Changes

A number of research firms have recently weighed in on MARA. Rosenblatt Securities raised 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. Morgan Stanley cut their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday, May 19th. 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. BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Citizens Jmp initiated coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target on the stock. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Marathon Digital Stock 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 firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -2.45 and a beta of 5.38. The company has a 50-day moving average of $13.15 and a 200-day moving average of $10.68.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, 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 transaction of $112,000.00. Following the completion of the sale, the director owned 231,618 shares in the company, valued at $3,705,888. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $192,000.00. Following the sale, the chief financial officer directly owned 425,066 shares in the company, valued at $5,100,792. This trade represents a 3.63% decrease in their ownership of the stock. 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 three months, insiders sold 194,855 shares of company stock worth $2,465,975. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of MARA. Ascentis Independent Advisors bought a new position in shares of Marathon Digital during the first quarter valued at approximately $28,000. Bogart Wealth LLC lifted its holdings in shares of Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after purchasing an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Marathon Digital during the 4th quarter valued at approximately $36,000. Hantz Financial Services Inc. boosted its position in Marathon Digital by 344.8% during the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares during the period. Finally, Danske Bank A S grew its stake in Marathon Digital by 93.3% during the 4th quarter. Danske Bank A S now owns 5,800 shares of the business services provider’s stock worth $52,000 after buying an additional 2,800 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.