Marathon Digital (NASDAQ:MARA) Trading Down 6.4% on Analyst Downgrade

Key Points

• Marathon Digital shares fell 6.4% after Piper Sandler lowered its price target on the stock from $16 to $13, though it kept an overweight rating. The stock traded as low as $10.54 during the session.
• Recent analyst sentiment remains mixed: while some firms raised or maintained bullish views, others cut targets or ratings. Overall, MarketBeat data shows a consensus rating of Moderate Buy with an average price target of $18.50.
• Insiders have been selling shares, including the CFO and general counsel in recent transactions. Over the last 90 days, insiders sold a total of 109,260 shares worth about $1.45 million.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares were down 6.4% on Friday after Piper Sandler lowered their price target on the stock from $16.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Marathon Digital traded as low as $10.54 and last traded at $10.69. Approximately 43,264,393 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 45,477,684 shares. The stock had previously closed at $11.42.

Several other research firms have also recently commented on MARA. Weiss Ratings cut shares of Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 12th. Rosenblatt Securities upped their price objective 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. Morgan Stanley cut their target price on shares of Marathon Digital from $7.00 to $5.50 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Finally, Citizens Jmp assumed 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 for the company. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the completion of the sale, the chief financial officer directly owned 425,066 shares of the company's stock, valued at $5,100,792. The trade was a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,250 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 transaction of $99,000.00. Following the transaction, the general counsel owned 970,768 shares in the company, valued at approximately $11,649,216. This trade represents a 0.84% 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 sold a total of 109,260 shares of company stock worth $1,452,756 in the last ninety days. Insiders own 0.97% of the company's stock.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently modified their holdings of MARA. Ascentis Independent Advisors acquired a new position in Marathon Digital during the first quarter worth $28,000. Bogart Wealth LLC lifted its position in shares of 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 worth $33,000 after buying an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital in the fourth quarter worth about $36,000. Hantz Financial Services Inc. boosted its stake in shares of Marathon Digital by 344.8% during 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 in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in shares of Marathon Digital by 128.0% during the 2nd 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. Institutional investors and hedge funds own 44.53% of the company's stock.

Marathon Digital Stock Performance

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 firm has a market cap of $4.08 billion, a price-to-earnings ratio of -1.87 and a beta of 5.36. The stock has a fifty day moving average price of $13.41 and a 200 day moving average price of $10.89.

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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