Marathon Digital (NASDAQ:MARA) Shares Down 3.4% on Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 3.4% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $11.02 and last traded at $11.23. Approximately 40,828,797 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 47,128,289 shares. The stock had previously closed at $11.63.

Specifically, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $186,880.00. Following the completion of the sale, the chief financial officer owned 441,066 shares of the company’s stock, valued at approximately $5,151,650.88. This trade represents a 3.50% decrease in their ownership of the stock. The transaction 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, General Counsel Zabi Nowaid sold 42,090 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $12.00, for a total value of $505,080.00. Following the transaction, the general counsel directly owned 1,007,047 shares in the company, valued at $12,084,564. This trade represents a 4.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $321,258.40. Following the completion of the sale, the chief executive officer directly owned 4,725,219 shares of the company’s stock, valued at $55,190,557.92. This trade represents a 0.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several research analysts have recently weighed in on MARA shares. Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Piper Sandler reduced their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. Finally, Morgan Stanley assumed coverage on Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.90.

Marathon Digital Stock Performance

The firm’s fifty day moving average is $9.05 and its 200-day moving average is $11.54. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million for the quarter, compared to analysts’ expectations of $250.74 million. During the same period last year, the business earned $1.24 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. Analysts expect that Marathon Digital Holdings, Inc. will post -0.79 earnings per share for the current year.

Institutional Trading of Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Hollencrest Capital Management boosted its position in shares of Marathon Digital by 2,407.4% during the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after buying an additional 1,300 shares during the period. Bessemer Group Inc. raised its holdings in shares of 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 buying an additional 659 shares during the period. Salomon & Ludwin LLC purchased a new stake in shares of Marathon Digital in the 3rd quarter valued at $47,000. Danske Bank A S acquired a new position in Marathon Digital during the 3rd quarter worth about $55,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Marathon Digital during the 4th quarter worth about $36,000. Institutional investors and hedge funds 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.