Marathon Digital (NASDAQ:MARA) Director Douglas Mellinger Sells 7,000 Shares

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas Mellinger sold 7,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The transaction 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.

Marathon Digital Trading Down 5.0%

MARA opened at $13.96 on Thursday. The business’s 50-day simple moving average is $13.00 and its 200-day simple moving average is $10.65. The company has a market cap of $5.32 billion, a P/E ratio of -2.44 and a beta of 5.38. Marathon Digital Holdings, Inc. has a one year low of $6.66 and a one year high of $23.45. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently bought and sold shares of MARA. UBS Group AG grew its position in Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Marathon Digital in the third quarter valued at about $93,066,000. Norges Bank acquired a new stake in shares of Marathon Digital during the fourth quarter worth about $39,492,000. Capital Research Global Investors acquired a new stake in shares of Marathon Digital during the third quarter worth about $68,090,000. Finally, Farallon Capital Management LLC grew its holdings in shares of Marathon Digital by 338.3% during the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock worth $66,832,000 after buying an additional 2,825,000 shares during the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MARA. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Cantor Fitzgerald decreased their target price 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. Finally, BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.00.

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.