Marathon Digital (NASDAQ:MARA) Trading 7.8% Higher – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 7.8% during mid-day trading on Thursday . The stock traded as high as $13.68 and last traded at $13.61. 34,522,712 shares changed hands during trading, a decline of 24% from the average session volume of 45,592,082 shares. The stock had previously closed at $12.62.

Analyst Ratings Changes

A number of brokerages have commented on MARA. Cantor Fitzgerald reduced their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. BTIG Research reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. 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. Morgan Stanley reduced their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Seven investment 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.38.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The company has a market capitalization of $5.37 billion, a PE ratio of -2.46 and a beta of 5.38. The stock’s 50 day simple moving average is $12.19 and its 200-day simple moving average is $10.51.

Insiders Place Their Bets

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were 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 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 at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $330,060.00. Following the sale, the chief executive officer owned 4,589,514 shares in the company, valued at $55,074,168. This trade represents a 0.60% decrease in their ownership of the stock. 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 have sold 180,855 shares of company stock worth $2,033,654 over the last three months. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of 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 buying an additional 4,049,979 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Marathon Digital during the third quarter worth about $4,643,000. Farallon Capital Management LLC grew its position in shares of Marathon Digital by 338.3% during the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after buying an additional 2,825,000 shares in the last quarter. Stevens Capital Management LP grew its position in shares of Marathon Digital by 446.6% during the third quarter. Stevens Capital Management LP now owns 319,549 shares of the business services provider’s stock worth $5,835,000 after buying an additional 261,085 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of Marathon Digital during the fourth quarter worth about $10,201,000. 44.53% of the stock is 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.