Marathon Digital (NASDAQ:MARA) Trading Up 17.6% – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 17.6% during mid-day trading on Thursday . The company traded as high as $12.03 and last traded at $11.82. Approximately 45,131,623 shares changed hands during trading, a decline of 2% from the average daily volume of 46,189,199 shares. The stock had previously closed at $10.05.

Analysts Set New Price Targets

MARA has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective 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. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Rosenblatt Securities increased their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Piper Sandler lowered their target price on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Finally, Cantor Fitzgerald dropped 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. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Marathon Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Marathon Digital Stock Performance

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 firm has a 50 day moving average price of $13.12 and a two-hundred day moving average price of $11.02. The company has a market capitalization of $4.32 billion, a P/E ratio of -1.98 and a beta of 5.36.

Insider Buying and Selling

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the transaction, the chief financial officer directly owned 409,066 shares in the company, valued at $5,829,190.50. This represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the transaction, the general counsel owned 963,768 shares of the company’s stock, valued at $13,733,694. This represents a 0.72% decrease in their ownership of the stock. 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 sold 109,260 shares of company stock worth $1,452,756 in the last quarter. Corporate insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new stake in shares of Marathon Digital during the 1st quarter worth about $28,000. Bogart Wealth LLC boosted its position in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after buying an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital during the fourth quarter worth about $36,000. Hantz Financial Services Inc. grew its stake in Marathon Digital by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after buying an additional 3,893 shares during the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of Marathon Digital by 128.0% during the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after buying an additional 2,050 shares in the last quarter. Institutional investors and hedge funds 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.