Marathon Digital (NASDAQ:MARA) Shares Down 2.2% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 2.2% on Wednesday . The stock traded as low as $13.70 and last traded at $13.96. Approximately 31,436,578 shares changed hands during trading, a decline of 32% from the average daily volume of 46,054,316 shares. The stock had previously closed at $14.28.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MARA. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Cantor Fitzgerald dropped their price objective 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 lifted their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley dropped their price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. Finally, BTIG Research restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Trading Down 11.2%

The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -2.15 and a beta of 5.38. The company has a 50-day moving average price of $11.57 and a 200-day moving average price of $10.40.

Insider Buying and Selling

In related news, 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 completion of the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at $5,100,792. This trade represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $330,060.00. Following the completion of the sale, the chief executive officer owned 4,589,514 shares of the company’s stock, valued at $55,074,168. This trade represents a 0.60% 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. Insiders sold a total of 180,855 shares of company stock worth $2,033,654 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several hedge funds have recently modified their holdings of MARA. Vanguard Group Inc. raised its position in Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Marathon Digital in the 3rd quarter valued at about $4,643,000. Farallon Capital Management LLC increased its stake in Marathon Digital by 338.3% in the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock valued at $66,832,000 after purchasing an additional 2,825,000 shares during the last quarter. Stevens Capital Management LP increased its stake in Marathon Digital by 446.6% in the third quarter. Stevens Capital Management LP now owns 319,549 shares of the business services provider’s stock valued at $5,835,000 after purchasing an additional 261,085 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in Marathon Digital by 20.4% in the third quarter. Public Sector Pension Investment Board now owns 1,445,051 shares of the business services provider’s stock valued at $26,387,000 after purchasing an additional 245,222 shares during the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.