Marathon Digital (NASDAQ:MARA) Trading 9.6% Higher – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares shot up 9.6% during mid-day trading on Monday . The company traded as high as $13.56 and last traded at $13.50. 14,257,286 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 45,603,715 shares. The stock had previously closed at $12.32.

Analyst Ratings Changes

A number of brokerages recently issued reports on MARA. Morgan Stanley lowered their price target on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. Cantor Fitzgerald lowered their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. BTIG Research restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.38.

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 business has a 50 day simple moving average of $11.66 and a two-hundred day simple moving average of $10.41. The firm has a market cap of $5.24 billion, a PE ratio of -2.41 and a beta of 5.38.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $330,060.00. Following the transaction, the chief executive officer owned 4,589,514 shares in the company, valued at approximately $55,074,168. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the transaction, the chief financial officer owned 425,066 shares in the company, valued at approximately $5,100,792. This represents a 3.63% decrease in their position. 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 a total of 180,855 shares of company stock worth $2,033,654 over the last quarter. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after buying an additional 1,394,559 shares during the period. State Street Corp increased its stake in shares of Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after buying an additional 191,380 shares during the period. UBS Group AG increased its stake in shares of Marathon Digital by 104.1% during the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the period. Marex Group plc increased its stake in shares of Marathon Digital by 2.6% during the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after buying an additional 259,210 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Marathon Digital by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after buying an additional 251,674 shares during the period. Hedge funds and other institutional investors 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.