Marathon Digital (NASDAQ:MARA) Shares Down 3.3% - Here's What Happened

Key Points

• Marathon Digital shares fell 3.3% to $11.38, with trading volume 34% above the average session volume.
• Analyst views remain mixed, but the stock carries a “Moderate Buy” consensus rating and an average price target of $18.50; targets range from $5.50 to $27.00.
• Insiders sold 109,260 shares worth approximately $1.45 million over the past 90 days, while institutional investors and hedge funds own 44.53% of the company.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price was down 3.3% during trading on Tuesday . The stock traded as low as $10.67 and last traded at $11.38. 61,897,089 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 46,188,125 shares. The stock had previously closed at $11.77.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Weiss Ratings lowered Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, May 12th. 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 for the company. Morgan Stanley reduced their price target on Marathon Digital from $7.00 to $5.50 and set an "underweight" rating on the stock in a report on Wednesday, July 8th. Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Finally, BTIG Research reissued a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.50.

Marathon Digital Price Performance

The firm has a market cap of $4.34 billion, a price-to-earnings ratio of -1.99 and a beta of 5.36. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock's fifty day moving average price is $13.29 and its 200-day moving average price is $11.00.

Insiders Place Their Bets

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $391,946.25. Following the completion of the sale, the chief executive officer owned 4,562,009 shares of the company's stock, valued at $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the completion of the sale, the chief financial officer owned 425,066 shares in the company, valued at $5,100,792. This represents a 3.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is currently owned by insiders.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently modified their holdings of MARA. Massachusetts Financial Services Co. MA purchased a new stake in shares of Marathon Digital in the 4th quarter valued at approximately $10,201,000. New York State Teachers Retirement System lifted its holdings in shares of Marathon Digital by 28.9% in the 4th quarter. New York State Teachers Retirement System now owns 427,726 shares of the business services provider's stock worth $3,841,000 after acquiring an additional 95,970 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider's stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the period. Handelsbanken Fonder AB purchased a new position in shares of Marathon Digital during the 4th quarter worth approximately $831,000. Finally, Intech Investment Management LLC increased its holdings in Marathon Digital by 56.2% in the 4th quarter. Intech Investment Management LLC now owns 213,066 shares of the business services provider's stock valued at $1,913,000 after purchasing an additional 76,670 shares during the last quarter. 44.53% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.