Marathon Digital (NASDAQ:MARA) Trading 1.1% Higher - Time to Buy?

Key Points

• Marathon Digital (NASDAQ:MARA) rose 1.1% on Wednesday, trading as high as $12.54 before last changing hands at $12.29 on volume above its daily average.
• Wall Street sentiment remains constructive overall: eight analysts rate the stock a Buy, with a consensus rating of Moderate Buy and an average price target of $18.83.
• Recent insider activity was mostly selling, including trades by the CFO and a director, while institutional ownership remains significant at 44.53% of shares outstanding.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) rose 1.1% on Wednesday . The company traded as high as $12.54 and last traded at $12.29. 48,922,112 shares traded hands during trading, an increase of 8% from the average daily volume of 45,503,496 shares. The stock had previously closed at $12.16.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MARA. Citizens Jmp started coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They issued a "market outperform" rating and a $24.00 price objective on the stock. Weiss Ratings cut shares of Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Rosenblatt Securities boosted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, May 1st. BTIG Research restated a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Finally, Cantor Fitzgerald lowered their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.83.

Marathon Digital Stock Up 1.0%

The business has a fifty day moving average of $13.45 and a 200 day moving average of $10.86. The company has a market capitalization of $4.68 billion, a PE ratio of -2.15 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.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the 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 sale, the chief financial officer directly owned 409,066 shares in the company, valued at $5,829,190.50. This represents a 3.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 that occurred on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total transaction of $112,000.00. Following the sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. 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. Insiders sold a total of 194,855 shares of company stock worth $2,465,975 over the last ninety days. Company insiders own 0.97% of the company's stock.

Institutional Trading of Marathon Digital

A number of large investors have recently modified their holdings of MARA. Ascentis Independent Advisors acquired a new position in Marathon Digital during the 1st quarter worth $28,000. Bogart Wealth LLC raised its position in Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider's stock valued at $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Marathon Digital in the 4th quarter valued at about $36,000. Hantz Financial Services Inc. grew its position in shares of Marathon Digital by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider's stock worth $45,000 after buying an additional 3,893 shares in the last quarter. Finally, CoreCap Advisors LLC grew its position in shares of Marathon Digital by 128.0% during the second 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 in the last quarter. Hedge funds and other institutional investors own 44.53% of the company's stock.

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.

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