Marathon Digital (NASDAQ:MARA) Stock Price Down 2.9% – Should You Sell?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 2.9% during mid-day trading on Monday . The company traded as low as $11.44 and last traded at $11.77. 41,871,638 shares were traded during trading, a decline of 9% from the average daily volume of 46,057,820 shares. The stock had previously closed at $12.12.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MARA. Cantor Fitzgerald cut their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Rosenblatt Securities increased their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Morgan Stanley cut their price target on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a report on Wednesday, July 8th. Piper Sandler reduced their price target on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Monday, June 1st. Eight equities 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Marathon Digital Trading Down 11.2%

The firm has a fifty day moving average of $13.27 and a 200-day moving average of $11.01. 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 stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -1.77 and a beta of 5.36.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 16,000 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 transaction of $228,000.00. Following the transaction, the chief financial officer directly owned 409,066 shares of the company’s stock, valued at approximately $5,829,190.50. The trade was a 3.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the transaction, the director directly owned 231,618 shares in the company, valued at $3,705,888. This trade represents a 2.93% 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 sold 109,260 shares of company stock worth $1,452,756 over the last three months. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Large investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Marathon Digital by 24.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 50,275 shares of the business services provider’s stock worth $698,000 after acquiring an additional 9,873 shares in the last quarter. GAMMA Investing LLC increased its holdings in Marathon Digital by 20.0% during the 2nd quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider’s stock worth $354,000 after purchasing an additional 4,246 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of Marathon Digital in the 2nd quarter valued at approximately $1,858,000. CoreCap Advisors LLC boosted its stake in shares of Marathon Digital by 128.0% during the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after buying an additional 2,050 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Marathon Digital by 257.3% during the second quarter. Versant Capital Management Inc now owns 4,966 shares of the business services provider’s stock worth $69,000 after buying an additional 3,576 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.