Marathon Digital (NASDAQ:MARA) Shares Down 3.5% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 3.5% on Monday . The stock traded as low as $13.28 and last traded at $14.03. Approximately 50,211,223 shares were traded during trading, an increase of 10% from the average daily volume of 45,534,164 shares. The stock had previously closed at $14.54.

Wall Street Analysts Forecast Growth

MARA has been the topic of a number of research reports. Rosenblatt Securities raised their price target on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Citizens Jmp began coverage on Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective on the stock. Morgan Stanley decreased their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday, May 19th. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Cantor Fitzgerald cut their target price 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. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Marathon Digital presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Marathon Digital Stock Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The company has a fifty day moving average price of $13.25 and a 200 day moving average price of $10.71. The stock has a market cap of $5.10 billion, a PE ratio of -2.34 and a beta of 5.38.

Insider Buying and Selling

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 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 completion of the transaction, the director directly owned 231,618 shares in the company, valued at approximately $3,705,888. The trade was a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 194,855 shares of company stock worth $2,465,975. Company insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC lifted its holdings in Marathon Digital by 26.1% in the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock worth $221,000 after buying an additional 5,610 shares during the period. Empowered Funds LLC raised its holdings in shares of Marathon Digital by 14.2% during the first quarter. Empowered Funds LLC now owns 13,091 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,632 shares in the last quarter. DV Trading LLC purchased a new stake in Marathon Digital in the first quarter worth $99,000. Essential Partners LLC lifted its stake in Marathon Digital by 288,266.7% in the first quarter. Essential Partners LLC now owns 8,651 shares of the business services provider’s stock worth $71,000 after acquiring an additional 8,648 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in Marathon Digital in the first quarter valued at $2,864,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.