Marathon Digital (NASDAQ:MARA) Shares Down 3.3% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 3.3% during trading on Tuesday . The stock traded as low as $10.67 and last traded at $11.38. Approximately 61,897,089 shares traded hands during trading, an increase of 34% from the average session volume of 46,188,125 shares. The stock had previously closed at $11.77.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MARA. Cantor Fitzgerald dropped their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Morgan Stanley decreased their target price on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Rosenblatt Securities raised their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Piper Sandler cut their price target on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.50.

Marathon Digital Trading Down 3.3%

The company’s 50 day simple moving average is $13.29 and its 200 day simple moving average is $11.00. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of -1.99 and a beta of 5.36. 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 related news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the transaction, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. The trade was a 2.93% 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. Insiders have sold a total of 109,260 shares of company stock valued at $1,452,756 in the last three months. 0.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Marathon Digital by 24.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 50,275 shares of the business services provider’s stock valued at $698,000 after buying an additional 9,873 shares during the period. GAMMA Investing LLC increased its stake in shares of Marathon Digital by 20.0% during the second quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider’s stock worth $354,000 after buying an additional 4,246 shares during the period. Moody National Bank Trust Division acquired a new stake in Marathon Digital in the second quarter valued at approximately $1,858,000. CoreCap Advisors LLC raised its holdings in Marathon Digital by 128.0% in the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after acquiring an additional 2,050 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Marathon Digital by 257.3% in the second quarter. Versant Capital Management Inc now owns 4,966 shares of the business services provider’s stock worth $69,000 after acquiring an additional 3,576 shares during the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.