Marathon Digital (NASDAQ:MARA) Shares Up 2.2% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 2.2% on Thursday . The company traded as high as $14.39 and last traded at $14.22. Approximately 31,194,655 shares were traded during trading, a decline of 31% from the average session volume of 45,183,457 shares. The stock had previously closed at $13.92.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MARA. 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 research note on Friday, May 1st. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Cantor Fitzgerald decreased their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley reduced their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.38.

Marathon Digital Price Performance

The business’s 50-day simple moving average is $12.53 and its two-hundred day simple moving average is $10.57. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of -2.49 and a beta of 5.38. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insider Buying and Selling

In other news, CFO Salman Hassan Khan sold 16,000 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 $192,000.00. Following the sale, the chief financial officer directly owned 425,066 shares in the company, valued at approximately $5,100,792. The trade was a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the transaction, the general counsel owned 970,768 shares of the company’s stock, valued at approximately $11,649,216. This trade represents a 0.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 137,350 shares of company stock worth $1,634,278 in the last 90 days. Insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its stake in shares of Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after buying an additional 3,032 shares during the period. United Services Automobile Association raised its position in shares of Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Marathon Digital by 11.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after acquiring an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in Marathon Digital in the second quarter valued at approximately $183,000. 44.53% of the stock is owned by 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.