Marathon Digital (NASDAQ:MARA) Stock Price Down 5% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 5% during trading on Wednesday . The stock traded as low as $13.42 and last traded at $13.96. 52,127,082 shares changed hands during trading, an increase of 15% from the average session volume of 45,409,844 shares. The stock had previously closed at $14.70.

Analysts Set New Price Targets

MARA has been the subject of several recent research reports. Cantor Fitzgerald cut 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. Rosenblatt Securities raised their price objective 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 cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Citizens Jmp assumed coverage on Marathon Digital in a research report on Wednesday. They set a “market outperform” rating and a $24.00 target price for the company. Finally, Morgan Stanley reduced their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday, May 19th. Eight 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Marathon Digital Stock Down 5.0%

The firm’s 50-day moving average price is $12.93 and its 200 day moving average price is $10.64. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of -2.44 and a beta of 5.38. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Activity at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the completion of the transaction, the chief financial officer directly owned 425,066 shares in the company, valued at $5,100,792. The trade was a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the sale, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. The trade was a 0.60% 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 have sold 187,855 shares of company stock valued at $2,353,975 over the last three months. 0.97% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

Several large investors have recently bought and sold shares of MARA. UBS Group AG lifted its holdings in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Marathon Digital during the 3rd quarter valued at approximately $93,066,000. Norges Bank bought a new stake in shares of Marathon Digital during the 4th quarter valued at approximately $39,492,000. Capital Research Global Investors acquired a new position in Marathon Digital during the 3rd quarter worth approximately $68,090,000. Finally, Farallon Capital Management LLC increased its position in Marathon Digital by 338.3% during the 3rd quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after purchasing an additional 2,825,000 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.