Marathon Digital (NASDAQ:MARA) Trading Down 5% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 5% on Tuesday . The company traded as low as $7.64 and last traded at $7.66. Approximately 45,638,059 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 46,453,281 shares. The stock had previously closed at $8.06.

Analysts Set New Price Targets

Several equities analysts have issued reports on MARA shares. Rosenblatt Securities cut their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Monday, November 24th. Cantor Fitzgerald reduced their target price on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Guggenheim assumed coverage on Marathon Digital in a report on Tuesday, October 21st. They issued a “neutral” rating for the company. Finally, Morgan Stanley started coverage on Marathon Digital in a research note on Monday. They set an “underweight” rating and a $8.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, three 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 “Hold” and a consensus target price of $21.00.

Marathon Digital Price Performance

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 capitalization of $2.90 billion, a price-to-earnings ratio of 4.26 and a beta of 5.56. The stock’s 50-day simple moving average is $10.29 and its two-hundred day simple moving average is $14.26.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the transaction, the chief financial officer directly owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. This trade represents a 0.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 151,979 shares of company stock worth $1,738,228 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in MARA. Hollencrest Capital Management raised its position in Marathon Digital by 2,407.4% in the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 1,300 shares during the period. Estabrook Capital Management purchased a new position in Marathon Digital during the 2nd quarter valued at about $31,000. Bessemer Group Inc. grew its position in Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital during the fourth quarter worth about $36,000. Finally, IFP Advisors Inc boosted its stake in shares of Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 2,001 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.