Marathon Digital (NASDAQ:MARA) Trading Up 4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 4% during trading on Monday . The company traded as high as $15.23 and last traded at $14.64. Approximately 33,945,394 shares changed hands during trading, a decline of 25% from the average daily volume of 45,458,215 shares. The stock had previously closed at $14.08.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MARA shares. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Rosenblatt Securities boosted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Morgan Stanley reduced their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. BTIG Research reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Weiss Ratings lowered shares of 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 given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Price Performance

The firm’s 50-day moving average is $12.19 and its 200-day moving average is $10.50. The company has a market capitalization of $5.58 billion, a PE ratio of -2.56 and a beta of 5.38. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Buying and Selling

In other Marathon Digital news, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the sale, the general counsel directly owned 1,007,047 shares in the company, valued at $12,084,564. This represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the sale, the chief financial officer owned 441,066 shares of the company’s stock, valued at approximately $5,151,650.88. The trade was a 3.50% 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. Over the last ninety days, insiders sold 180,855 shares of company stock worth $2,033,654. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Ascentis Independent Advisors purchased a new stake in Marathon Digital during the first quarter valued at about $28,000. Bessemer Group Inc. raised its stake in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares during the last quarter. Bogart Wealth LLC raised its stake in shares of Marathon Digital by 4,345.1% during 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 last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Marathon Digital during the fourth quarter valued at about $36,000. Finally, Hantz Financial Services Inc. raised its stake in shares of Marathon Digital by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 3,893 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.