Marathon Digital (NASDAQ:MARA) Stock Price Down 1% on Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 1% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $13.99 and last traded at $14.70. Approximately 41,784,305 shares traded hands during trading, a decline of 8% from the average session volume of 45,327,957 shares. The stock had previously closed at $14.85.

Specifically, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the completion of the transaction, the general counsel owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. The trade was a 0.72% 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. In related news, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $228,000.00. Following the sale, the chief financial officer 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

MARA has been the subject of several research reports. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Monday, June 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, 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 research note on Thursday, April 9th. Seven 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 data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.38.

Marathon Digital Stock Performance

The firm’s 50 day moving average is $12.83 and its 200-day moving average is $10.63. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -2.57 and a beta of 5.38. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ascentis Independent Advisors acquired a new position in shares of Marathon Digital in the first quarter worth about $28,000. Bogart Wealth LLC grew its position in shares of Marathon Digital by 4,345.1% during 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. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital during the 4th quarter valued at about $36,000. Hantz Financial Services Inc. increased its stake in shares of Marathon Digital by 344.8% in the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares in the last quarter. Finally, Danske Bank A S increased its stake in shares of Marathon Digital by 93.3% in the 4th quarter. Danske Bank A S now owns 5,800 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 2,800 shares in the last quarter. 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.