Marathon Digital (NASDAQ:MARA) Earns Outperform Rating from Analysts at Citizens Jmp

Analysts at Citizens Jmp began coverage on shares of Marathon Digital (NASDAQ:MARA) in a research report issued to clients and investors on Wednesday. The brokerage set an “outperform” rating and a $24.00 price target on the business services provider’s stock. Citizens Jmp’s target price points to a potential upside of 63.27% from the company’s current price.

A number of other research firms have also recently weighed in on MARA. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald cut 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. Rosenblatt Securities upped their price target on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Stock Performance

Marathon Digital stock opened at $14.70 on Wednesday. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -2.57 and a beta of 5.38. Marathon Digital has a 1-year low of $6.66 and a 1-year high of $23.45. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a 50 day simple moving average of $12.93 and a 200-day simple moving average of $10.64.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $391,946.25. Following the sale, the chief executive officer owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their position. The sale 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 Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the sale, the general counsel directly owned 963,768 shares of the company’s stock, valued at $13,733,694. The trade was a 0.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 187,855 shares of company stock valued at $2,353,975. 0.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ascentis Independent Advisors acquired a new stake in Marathon Digital in the 1st quarter valued at $28,000. Bogart Wealth LLC grew its holdings in 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 worth $33,000 after acquiring an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital in the fourth quarter valued at about $36,000. Hantz Financial Services Inc. increased its holdings 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 acquiring an additional 3,893 shares during the last quarter. Finally, Danske Bank A S increased its stake in Marathon Digital by 93.3% during the fourth 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 during the last quarter. Institutional investors and hedge funds 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.