Marathon Digital (NASDAQ:MARA) Trading Down 1% on Insider Selling

Key Points

• Marathon Digital shares fell 1% after insider selling, trading as low as $13.99 and last changing hands at $14.70 on volume below its recent average.
• CEO Frederick G. Thiel, General Counsel Zabi Nowaid, and CFO Salman Hassan Khan all sold shares on June 17 under pre-arranged Rule 10b5-1 trading plans, with the combined sales totaling more than $719,000.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating and an average target price of $18.38, even as some firms have recently lowered targets while others maintain Buy ratings.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price traded down 1% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $13.99 and last traded at $14.70. 41,784,305 shares were traded during trading, a decline of 8% from the average daily volume of 45,327,957 shares. The stock had previously closed at $14.85.

Specifically, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the transaction, the general counsel owned 963,768 shares of the company's stock, valued at $13,733,694. This represents a 0.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the sale, the chief financial officer directly owned 409,066 shares of the company's stock, valued at approximately $5,829,190.50. This represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MARA shares. Cantor Fitzgerald cut their price objective 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. Rosenblatt Securities raised their target price 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 target price on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley cut their price target on shares of Marathon Digital from $8.50 to $7.00 and set an "underweight" rating on the stock in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Seven research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.38.

Marathon Digital Price Performance

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 cap of $5.60 billion, a PE ratio of -2.57 and a beta of 5.38. The stock has a 50 day moving average price of $12.83 and a two-hundred day moving average price of $10.63.

Institutional Trading of Marathon Digital

Several large investors have recently bought and sold shares of the stock. Ascentis Independent Advisors purchased a new position in shares of Marathon Digital in the first quarter worth $28,000. Bogart Wealth LLC grew its holdings in shares of Marathon Digital by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider's stock valued at $33,000 after buying an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Marathon Digital in the 4th quarter valued at $36,000. Hantz Financial Services Inc. raised its stake in Marathon Digital by 344.8% in the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider's stock worth $45,000 after acquiring an additional 3,893 shares during the last quarter. Finally, Danske Bank A S raised its stake in Marathon Digital by 93.3% in the 4th quarter. Danske Bank A S now owns 5,800 shares of the business services provider's stock worth $52,000 after acquiring an additional 2,800 shares during the last quarter. Hedge funds and other 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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