Marathon Digital (NASDAQ:MARA) Stock Price Up 16.4% - Here's What Happened

Key Points

• Marathon Digital shares jumped 16.4% to about $11.70 in Thursday trading, with the stock reaching an intraday high of $11.78. Trading volume was 81% below the average session volume.
• Analyst sentiment remains generally positive: eight analysts rate the stock a Buy, two a Hold and two a Sell, producing a consensus “Moderate Buy” rating and an average price target of $18.50.
• Institutional investors own 44.53% of Marathon Digital, while insiders own 0.97%; company insiders sold 109,260 shares worth approximately $1.45 million over the past three months under pre-arranged trading plans.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares were up 16.4% during trading on Thursday . The company traded as high as $11.78 and last traded at $11.6950. 8,896,017 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 45,901,191 shares. The stock had previously closed at $10.05.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Rosenblatt Securities increased their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Cantor Fitzgerald reduced their price objective 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 began coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They set a "market outperform" rating and a $24.00 target price for the company. BTIG Research reiterated a "buy" rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Finally, Weiss Ratings cut Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Marathon Digital has a consensus rating of "Moderate Buy" and an average target price of $18.50.

Marathon Digital Trading Up 18.2%

The company has a market cap of $4.53 billion, a price-to-earnings ratio of -2.08 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 business's 50 day moving average price is $13.21 and its 200-day moving average price is $11.01.

Insider Transactions at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the transaction, the general counsel directly owned 970,768 shares of the company's stock, valued at $11,649,216. This represents a 0.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital 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 sale, the chief executive officer directly owned 4,562,009 shares of the company's stock, valued at $65,008,628.25. This represents a 0.60% 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 a total of 109,260 shares of company stock worth $1,452,756 over the last three months. Company insiders own 0.97% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently bought and sold shares of MARA. UBS Group AG increased 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 in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Marathon Digital in the third quarter worth $93,066,000. Norges Bank acquired a new stake in Marathon Digital in the fourth quarter valued at $39,492,000. Van ECK Associates Corp raised its position in Marathon Digital by 125.4% during the 4th quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider's stock worth $24,489,000 after purchasing an additional 1,516,937 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in 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 buying an additional 1,394,559 shares during the period. 44.53% of the stock is owned by institutional investors.

About Marathon Digital

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.