Marathon Digital (NASDAQ:MARA) Shares Down 5.2% – Should You Sell?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 5.2% during mid-day trading on Wednesday . The company traded as low as $12.62 and last traded at $12.62. Approximately 32,914,864 shares traded hands during trading, a decline of 28% from the average daily volume of 45,688,160 shares. The stock had previously closed at $13.31.

Analyst Upgrades and Downgrades

MARA has been the subject of a number of research analyst reports. Cantor Fitzgerald decreased their price target 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. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Rosenblatt Securities raised their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, BTIG Research reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $18.38.

Marathon Digital Trading Up 3.5%

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock has a 50-day simple moving average of $12.07 and a two-hundred day simple moving average of $10.48. The firm has a market capitalization of $5.37 billion, a P/E ratio of -2.46 and a beta of 5.38.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $330,060.00. Following the completion of the sale, the chief executive officer directly owned 4,589,514 shares of the company’s stock, valued at $55,074,168. The trade was a 0.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. This trade represents a 3.63% 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 a total of 180,855 shares of company stock valued at $2,033,654 in the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. increased 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 valued at $33,000 after acquiring an additional 659 shares during the period. Danske Bank A S purchased a new position in shares of Marathon Digital in the 3rd quarter valued at $55,000. Ascentis Independent Advisors purchased a new position in shares of Marathon Digital in the 1st quarter valued at $28,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Marathon Digital in the 4th quarter valued at $36,000. Finally, Bogart Wealth LLC increased its holdings in shares of Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.