Marathon Digital (NASDAQ:MARA) Trading 3.8% Higher - Time to Buy?

Key Points

• Marathon Digital shares rose 3.8% to $11.75 in Monday trading, with volume below the stock’s average session level.
• Analyst sentiment remains a “Moderate Buy,” with eight Buy, two Hold and two Sell ratings and an average price target of $18.50. Recent targets range from $10 to $27.
• Insiders have sold 109,260 shares worth about $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) shares were up 3.8% during trading on Monday . The stock traded as high as $11.89 and last traded at $11.75. Approximately 26,719,629 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 46,006,406 shares. The stock had previously closed at $11.32.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. BTIG Research restated a "buy" rating and set a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Weiss Ratings lowered shares of Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, May 12th. Piper Sandler lowered their price objective on shares of Marathon Digital from $16.00 to $13.00 and set an "overweight" rating on the stock in a research report on Friday, July 17th. Citizens Jmp began coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They set a "market outperform" rating and a $24.00 target price on the stock. Finally, Cantor Fitzgerald reduced their target price on Marathon Digital from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.50.

Marathon Digital Stock Performance

The firm's fifty day moving average is $13.12 and its 200 day moving average is $11.02. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -2.05 and a beta of 5.40. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insider Activity at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company'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 $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares of the company's stock, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares of the company's stock, valued at approximately $5,100,792. This represents a 3.63% 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. Over the last ninety days, insiders sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new position in Marathon Digital in the first quarter worth approximately $28,000. Bogart Wealth LLC lifted its stake in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider's stock valued at $33,000 after acquiring an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Marathon Digital in the fourth quarter valued at approximately $36,000. Hantz Financial Services Inc. lifted its stake in Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider's stock valued at $45,000 after acquiring an additional 3,893 shares during the last quarter. Finally, CoreCap Advisors LLC grew its position in Marathon Digital by 128.0% in the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider's stock worth $51,000 after acquiring an additional 2,050 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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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