Marathon Digital (NASDAQ:MARA) Trading Down 11.7% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 11.7% on Wednesday . The company traded as low as $10.03 and last traded at $10.05. Approximately 43,351,461 shares changed hands during trading, a decline of 6% from the average daily volume of 46,192,656 shares. The stock had previously closed at $11.38.

Analysts Set New Price Targets

MARA has been the subject of a number of research analyst reports. Citizens Jmp assumed coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. BTIG Research restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley cut their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Cantor Fitzgerald lowered their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Eight investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Marathon Digital Stock Down 2.3%

The company has a market capitalization of $4.40 billion, a PE ratio of -2.02 and a beta of 5.36. The company’s fifty day moving average is $13.17 and its 200-day moving average is $11.02. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Activity at Marathon Digital

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director owned 231,618 shares of the company’s stock, valued at $3,705,888. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’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 transaction, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. The trade was a 0.60% 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 109,260 shares of company stock worth $1,452,756 in the last quarter. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Integrated Wealth Concepts LLC boosted its position in shares of Marathon Digital by 9.8% during the 1st 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 raised its stake in Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association raised its stake in 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 valued at $257,000 after purchasing an additional 1,569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Marathon Digital by 11.0% during 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 valued at $7,398,000 after purchasing an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Marathon Digital in the 2nd quarter worth $183,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.