Marathon Digital (NASDAQ:MARA) Shares Down 4.3% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 4.3% on Wednesday . The company traded as low as $11.23 and last traded at $11.24. 27,174,137 shares were traded during mid-day trading, a decline of 41% from the average session volume of 45,759,059 shares. The stock had previously closed at $11.75.

Analysts Set New Price Targets

Several brokerages have issued reports on MARA. Cantor Fitzgerald decreased their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Citizens Jmp initiated coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target on the stock. Morgan Stanley dropped their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Piper Sandler reduced their target price on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. Finally, Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Eight equities research 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Stock Performance

The company has a market cap of $4.29 billion, a P/E ratio of -1.97 and a beta of 5.40. The firm has a 50 day moving average of $13.03 and a 200-day moving average of $11.03. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Transactions at Marathon Digital

In other news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction on Monday, June 22nd. The stock was 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 of the company’s stock, valued at approximately $3,705,888. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 firm’s stock in a transaction on Wednesday, June 17th. The shares were 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 in the company, valued at approximately $13,733,694. This represents a 0.72% decrease in their position. 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 have sold a total of 109,260 shares of company stock valued at $1,452,756 over the last 90 days. 0.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC boosted its stake in shares of Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC raised its stake in Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after buying an additional 3,032 shares in the last quarter. United Services Automobile Association raised its stake in Marathon Digital by 8.2% in the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after buying an additional 1,569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Marathon Digital by 11.0% during the first 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 buying an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new stake in Marathon Digital during the second quarter worth $183,000. Institutional investors own 44.53% of the company’s stock.

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.