Marathon Digital (NASDAQ:MARA) Trading Up 3.5% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 3.5% during trading on Friday . The company traded as high as $14.72 and last traded at $14.08. Approximately 41,262,779 shares were traded during trading, a decline of 9% from the average daily volume of 45,556,422 shares. The stock had previously closed at $13.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MARA. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Rosenblatt Securities increased their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Morgan Stanley lowered their price objective on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Finally, Cantor Fitzgerald lowered their price objective 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. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.38.

Marathon Digital Stock Up 3.5%

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 firm has a market capitalization of $5.37 billion, a P/E ratio of -2.46 and a beta of 5.38. The company’s 50-day simple moving average is $12.19 and its two-hundred day simple moving average is $10.51.

Insider Transactions at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $330,060.00. Following the completion of the sale, the chief executive officer directly owned 4,589,514 shares of the company’s stock, valued at $55,074,168. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 completion of the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. This trade represents a 3.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 180,855 shares of company stock valued at $2,033,654 over the last three months. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UBS Group AG grew its stake in Marathon Digital by 104.1% during the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after acquiring an additional 6,172,110 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Marathon Digital during the third quarter valued at $93,066,000. Norges Bank purchased a new position in shares of Marathon Digital in the 4th quarter worth $39,492,000. Vanguard Group Inc. grew its stake in shares of Marathon Digital by 9.8% in the 3rd 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. Finally, Capital Research Global Investors purchased a new position in shares of Marathon Digital in the 3rd quarter worth $68,090,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.