Marathon Digital (NASDAQ:MARA) Shares Down 3.7% – Time to Sell?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 3.7% during trading on Wednesday . The company traded as low as $13.18 and last traded at $13.37. Approximately 40,459,400 shares were traded during trading, a decline of 11% from the average session volume of 45,500,070 shares. The stock had previously closed at $13.89.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MARA shares. Citizens Jmp began coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price objective on the stock. BTIG Research reissued a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Morgan Stanley lowered their target price 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. Cantor Fitzgerald dropped 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 report on Thursday, April 9th. Finally, Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Marathon Digital Stock 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 stock has a 50 day simple moving average of $13.25 and a two-hundred day simple moving average of $10.71. The company has a market cap of $5.10 billion, a PE ratio of -2.34 and a beta of 5.38.

Insider Buying and Selling at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the sale, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the sale, the general counsel owned 963,768 shares of the company’s stock, valued at $13,733,694. This trade represents a 0.72% 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 have sold 194,855 shares of company stock worth $2,465,975 in the last quarter. 0.97% of the stock is currently owned by company insiders.

Institutional Trading of Marathon Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd purchased a new position in Marathon Digital in the 3rd quarter valued at $4,643,000. Farallon Capital Management LLC raised its position in Marathon Digital by 338.3% during the 3rd 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 during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Marathon Digital during the 4th quarter worth $10,201,000. Brevan Howard Capital Management LP lifted its stake in shares of Marathon Digital by 238.7% in the 3rd quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock worth $3,565,000 after acquiring an additional 137,606 shares during the period. Finally, Clear Street Group Inc. acquired a new stake in shares of Marathon Digital in the 3rd quarter worth $34,331,000. 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.