Marathon Digital (NASDAQ:MARA) Trading Up 4.7% – Time to Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 4.7% during mid-day trading on Friday . The company traded as high as $15.00 and last traded at $14.5280. Approximately 55,153,521 shares traded hands during trading, an increase of 21% from the average session volume of 45,505,715 shares. The stock had previously closed at $13.88.

Analysts Set New Price Targets

MARA has been the topic of a number of research reports. Rosenblatt Securities upped their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Citizens Jmp began coverage on Marathon Digital in a research report on Wednesday. They set a “market outperform” rating and a $24.00 target price on the stock. BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Finally, Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The company has a 50-day moving average of $13.07 and a 200-day moving average of $10.67. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of -2.54 and a beta of 5.38.

Insider Buying and Selling

In related news, General Counsel Zabi Nowaid sold 42,090 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $12.00, for a total transaction of $505,080.00. Following the sale, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This trade represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of Marathon Digital stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 194,855 shares of company stock valued at $2,465,975. 0.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC boosted its position in 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 worth $127,000 after acquiring an additional 991 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after acquiring an additional 3,032 shares during the last quarter. United Services Automobile Association raised its holdings in Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Marathon Digital by 11.0% during 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 during the period. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Marathon Digital during the 2nd quarter worth $183,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.