Marathon Digital (NASDAQ:MARA) Trading Up 4.4% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 4.4% during trading on Monday . The stock traded as high as $16.43 and last traded at $14.85. 66,719,175 shares changed hands during trading, an increase of 47% from the average daily volume of 45,383,512 shares. The stock had previously closed at $14.22.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Rosenblatt Securities increased their target price 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. Cantor Fitzgerald reduced their price target on 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 reiterated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Citizens Jmp started coverage on Marathon Digital in a report on Wednesday. They set a “market outperform” rating and a $24.00 price objective for the company. Finally, Morgan Stanley dropped their target price 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. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Marathon Digital has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Stock Down 5.0%

The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of -2.44 and a beta of 5.38. 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 business’s 50 day moving average is $12.93 and its 200 day moving average is $10.64.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Monday, May 18th. The shares were 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 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 filing 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 42,090 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 187,855 shares of company stock valued at $2,353,975. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Danske Bank A S purchased a new position in shares of Marathon Digital in the third quarter worth about $55,000. Ascentis Independent Advisors acquired a new stake in Marathon Digital during the 1st quarter valued at approximately $28,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Marathon Digital in the 4th quarter valued at $36,000. Bogart Wealth LLC boosted its holdings in shares of Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Marathon Digital in the third quarter worth $79,000. 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.