Piper Sandler Has Lowered Expectations for Marathon Digital (NASDAQ:MARA) Stock Price

Marathon Digital (NASDAQ:MARA) had its price target lowered by analysts at Piper Sandler from $16.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the business services provider’s stock. Piper Sandler’s price target suggests a potential upside of 19.54% from the stock’s previous close.

MARA has been the topic of several other reports. Morgan Stanley decreased their price objective on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Cantor Fitzgerald reduced their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Finally, Rosenblatt Securities lifted their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Marathon Digital Price Performance

Shares of NASDAQ:MARA traded down $0.55 on Friday, hitting $10.88. The stock had a trading volume of 30,301,795 shares, compared to its average volume of 45,362,730. The firm’s 50 day moving average price is $13.41 and its 200-day moving average price is $10.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. Marathon Digital has a twelve month low of $6.66 and a twelve month high of $23.45. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -1.91 and a beta of 5.36.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This trade represents a 0.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 sale, the director owned 231,618 shares of the company’s stock, valued at approximately $3,705,888. The trade was a 2.93% 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. Insiders sold 109,260 shares of company stock valued at $1,452,756 over the last three months. 0.97% of the stock is owned by company insiders.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. Hennion & Walsh Asset Management Inc. raised its holdings in Marathon Digital by 24.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 50,275 shares of the business services provider’s stock worth $698,000 after purchasing an additional 9,873 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Marathon Digital by 20.0% in the 2nd quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider’s stock valued at $354,000 after purchasing an additional 4,246 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in shares of Marathon Digital during the 2nd quarter worth approximately $1,858,000. CoreCap Advisors LLC grew its position 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 worth $51,000 after buying an additional 2,050 shares during the period. Finally, Versant Capital Management Inc raised its stake 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 during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.