First Trust Advisors LP Sells 431,777 Shares of Marathon Digital Holdings, Inc. $MARA

Key Points

• First Trust Advisors LP reduced its Marathon Digital stake by 30.7%, selling 431,777 shares and retaining 974,234 shares worth approximately $7.95 million. Institutional investors collectively own 44.53% of MARA.
• Marathon Digital insiders also sold shares: the CEO and CFO sold a combined 43,505 shares for about $620,000 under pre-arranged Rule 10b5-1 trading plans. Insiders have sold 109,260 shares worth $1.45 million over the past 90 days.
• Analyst sentiment remains a “Moderate Buy”, with eight Buy, two Hold and two Sell ratings and a consensus price target of $18.50, compared with MARA’s reported opening price of $11.32.

First Trust Advisors LP trimmed its position in Marathon Digital Holdings, Inc. (NASDAQ:MARA - Free Report) by 30.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 974,234 shares of the business services provider's stock after selling 431,777 shares during the period. First Trust Advisors LP owned about 0.26% of Marathon Digital worth $7,950,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC increased its holdings in Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider's stock worth $127,000 after buying an additional 991 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider's stock valued at $88,000 after acquiring an additional 3,032 shares during the last quarter. United Services Automobile Association grew its position in shares of Marathon Digital by 8.2% during the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider's stock valued at $257,000 after acquiring an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Marathon Digital by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider's stock valued at $7,398,000 after acquiring an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. bought a new position in shares of Marathon Digital during the 2nd quarter valued at approximately $183,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. The trade was a 0.60% decrease in their position. The transaction 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, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the transaction, the chief financial officer owned 409,066 shares of the company's stock, valued at $5,829,190.50. This represents a 3.76% 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 90 days, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is owned by corporate insiders.

Marathon Digital Price Performance

Shares of NASDAQ:MARA opened at $11.32 on Friday. The firm has a market capitalization of $4.32 billion, a PE ratio of -1.98 and a beta of 5.36. 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 company has a 50-day moving average price of $13.12 and a two-hundred day moving average price of $11.02. Marathon Digital Holdings, Inc. has a twelve month low of $6.66 and a twelve month high of $23.45.

Analysts Set New Price Targets

MARA has been the topic of a number of research reports. Rosenblatt Securities lifted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Morgan Stanley reduced their price objective on Marathon Digital from $7.00 to $5.50 and set an "underweight" rating for the company in a report on Wednesday, July 8th. 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. Citizens Jmp assumed coverage on Marathon Digital in a research note on Wednesday, June 24th. They issued a "market outperform" rating and a $24.00 target price on the stock. Finally, BTIG Research reaffirmed a "buy" rating and set a $27.00 price target 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.50.

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.

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