Marathon Digital (NASDAQ:MARA) Shares Up 7.8% – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 7.8% during mid-day trading on Thursday . The company traded as high as $13.68 and last traded at $13.61. Approximately 34,522,712 shares changed hands during trading, a decline of 24% from the average daily volume of 45,592,082 shares. The stock had previously closed at $12.62.

Analyst Ratings Changes

A number of research firms recently commented on MARA. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. BTIG Research reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Cantor Fitzgerald lowered their target price on shares of 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 lifted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Stock Up 7.8%

The business’s 50 day moving average is $11.96 and its 200 day moving average is $10.46. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of -2.38 and a beta of 5.38. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $186,880.00. Following the transaction, the chief financial officer owned 441,066 shares in the company, valued at approximately $5,151,650.88. This represents a 3.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 42,090 shares of the stock in a transaction that occurred 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 completion of the transaction, the general counsel owned 1,007,047 shares in the company, valued at approximately $12,084,564. This trade represents a 4.01% 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 quarter, insiders have sold 180,855 shares of company stock worth $2,033,654. 0.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. increased its holdings in Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after buying an additional 659 shares during the period. Danske Bank A S purchased a new stake in shares of Marathon Digital in the third quarter worth about $55,000. Ascentis Independent Advisors purchased a new stake in shares of Marathon Digital in the first quarter worth about $28,000. Eurizon Capital SGR S.p.A. acquired a new position in Marathon Digital in the fourth quarter valued at approximately $36,000. Finally, Bogart Wealth LLC lifted its holdings in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares during the period. Institutional investors and hedge funds 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.