Marathon Digital (NASDAQ:MARA) Trading Down 11.2% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 11.2% during mid-day trading on Friday . The company traded as low as $11.84 and last traded at $12.32. Approximately 40,896,758 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 45,900,613 shares. The stock had previously closed at $13.88.

Analyst Upgrades and Downgrades

MARA has been the subject of a number of recent research reports. Cantor Fitzgerald cut their target price 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. BTIG Research reaffirmed a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday. Rosenblatt Securities lifted their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Marathon Digital has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Stock Performance

The firm has a 50 day moving average of $11.57 and a two-hundred day moving average of $10.40. The stock has a market cap of $4.70 billion, a PE ratio of -2.15 and a beta of 5.38. 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, General Counsel Zabi Nowaid sold 8,250 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the sale, the general counsel owned 970,768 shares in the company, valued at $11,649,216. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $330,060.00. Following the sale, the chief executive officer owned 4,589,514 shares of the company’s stock, valued at approximately $55,074,168. The trade was a 0.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 180,855 shares of company stock worth $2,033,654 over the last 90 days. 0.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its holdings in shares of Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Marathon Digital by 15.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after purchasing an additional 799 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Marathon Digital by 3.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock worth $537,000 after purchasing an additional 882 shares during the period. United Capital Management of KS Inc. raised its holdings in shares of Marathon Digital by 2.4% in the 3rd quarter. United Capital Management of KS Inc. now owns 40,054 shares of the business services provider’s stock worth $731,000 after purchasing an additional 937 shares during the period. Finally, CI Investments Inc. raised its holdings in shares of Marathon Digital by 7.6% in the 1st quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock worth $110,000 after purchasing an additional 957 shares during the period. 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.