Marathon Digital (NASDAQ:MARA) Shares Down 6.9% – Should You Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 6.9% during trading on Tuesday . The company traded as low as $11.74 and last traded at $12.05. 30,280,793 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 45,289,207 shares. The stock had previously closed at $12.95.

Analysts Set New Price Targets

MARA has been the topic of several recent analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Cantor Fitzgerald dropped their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Morgan Stanley reduced their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Rosenblatt Securities lifted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Citizens Jmp started coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target for the company. Eight 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 stock. According to data from MarketBeat.com, Marathon Digital currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Price Performance

The firm has a fifty day moving average of $13.34 and a two-hundred day moving average of $10.76. The stock has a market capitalization of $4.59 billion, a P/E ratio of -2.11 and a beta of 5.36. 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 at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $228,000.00. Following the completion of the sale, the chief financial officer owned 409,066 shares of the company’s stock, valued at approximately $5,829,190.50. This represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% 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. In the last 90 days, insiders have sold 194,855 shares of company stock worth $2,465,975. 0.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC raised its holdings in Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association lifted its holdings in shares of Marathon Digital by 8.2% during the 1st 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Marathon Digital by 11.0% in the 1st 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 worth $7,398,000 after purchasing an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in Marathon Digital during the 2nd quarter worth $183,000. 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.