Marathon Digital (NASDAQ:MARA) Trading Down 4.3% - Here's What Happened

Key Points

• Marathon Digital shares fell 4.3% to $11.24, with trading volume of 27.2 million shares—41% below the average session volume.
• Analyst views remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $18.50, substantially above its current price.
• Insiders sold $1.45 million worth of shares over the past quarter under pre-arranged Rule 10b5-1 plans, while institutional investors own 44.53% of the company.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares fell 4.3% during trading on Wednesday . The stock traded as low as $11.23 and last traded at $11.24. 27,174,137 shares changed hands during trading, a decline of 41% from the average session volume of 45,759,059 shares. The stock had previously closed at $11.75.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MARA shares. Morgan Stanley cut their price objective on Marathon Digital from $7.00 to $5.50 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. BTIG Research reiterated a "buy" rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald dropped their price target on Marathon Digital from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Citizens Jmp began coverage on Marathon Digital in a report on Wednesday, June 24th. They set a "market outperform" rating and a $24.00 price target for the company. Finally, Rosenblatt Securities lifted their price objective on Marathon Digital from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to 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 Down 4.3%

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The company's 50-day simple moving average is $13.03 and its 200 day simple moving average is $11.03. The firm has a market cap of $4.29 billion, a P/E ratio of -1.97 and a beta of 5.40.

Insider Buying and Selling at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 7,000 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 value of $99,750.00. Following the completion of the transaction, the general counsel owned 963,768 shares of the company's stock, valued at approximately $13,733,694. This trade represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 completion of the transaction, the chief executive officer 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 109,260 shares of company stock valued at $1,452,756 over the last quarter. 0.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. CI Investments Inc. lifted its position in Marathon Digital by 7.6% in the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider's stock worth $110,000 after buying an additional 957 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider's stock valued at $127,000 after acquiring an additional 991 shares during the last quarter. Evexia Wealth LLC raised its stake in shares of Marathon Digital by 9.2% in the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider's stock valued at $106,000 after acquiring an additional 1,090 shares during the period. Sigma Planning Corp raised its stake in shares of Marathon Digital by 12.4% in the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider's stock valued at $107,000 after acquiring an additional 1,320 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in shares of Marathon Digital by 38.6% in the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider's stock worth $76,000 after acquiring an additional 1,340 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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