Marathon Digital (NASDAQ:MARA) Shares Up 9.2% - Here's Why

Key Points

• Marathon Digital shares rose 9.2% on Monday, trading as high as $12.03 on heavy volume of about 61 million shares, well above its average daily volume.
• Analyst sentiment remains broadly positive despite some target cuts: the stock has an average rating of “Moderate Buy” with a consensus price target of $18.50, and several firms still rate it a buy or overweight.
• Recent filings showed insider selling, including sales by the CFO and a director, while institutional investors increased or initiated positions and now own 44.53% of the company.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price was up 9.2% during trading on Monday . The stock traded as high as $12.03 and last traded at $11.67. Approximately 60,993,088 shares traded hands during trading, an increase of 34% from the average daily volume of 45,595,324 shares. The stock had previously closed at $10.69.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Cantor Fitzgerald reduced their price target on shares of Marathon Digital from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. Rosenblatt Securities boosted their price objective 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. Citizens Jmp started coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They set a "market outperform" rating and a $24.00 price objective for the company. BTIG Research reiterated a "buy" rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Finally, Piper Sandler decreased their target price on Marathon Digital from $16.00 to $13.00 and set an "overweight" rating on the stock in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Marathon Digital presently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Marathon Digital Trading Up 9.2%

The business has a 50-day moving average price of $13.37 and a 200-day moving average price of $10.90. 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 firm has a market capitalization of $4.45 billion, a P/E ratio of -2.04 and a beta of 5.36.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $228,000.00. Following the sale, the chief financial officer owned 409,066 shares of the company's stock, valued at $5,829,190.50. The trade was a 3.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director owned 231,618 shares of the company's stock, valued at approximately $3,705,888. This represents 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 have sold 109,260 shares of company stock worth $1,452,756 over the last three months. 0.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

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

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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