Marathon Digital (NASDAQ:MARA) Trading Up 2.9% - Here's What Happened

Key Points

• Marathon Digital shares rose 2.9% on Thursday, trading between $12.77 and $13.16 on volume of about 58.4 million shares, which was above its normal pace.
• Analyst sentiment remains mixed but constructive: the company has a consensus rating of “Moderate Buy” with a consensus price target of $18.50, even though some firms recently cut their targets.
• Institutional ownership is significant, with hedge funds and other investors holding 44.53% of the stock, and several large institutions notably increasing their positions recently.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shot up 2.9% during trading on Thursday . The stock traded as high as $13.16 and last traded at $12.77. Approximately 58,415,208 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 46,044,051 shares. The stock had previously closed at $12.41.

Analysts Set New Price Targets

Several analysts have recently issued reports on MARA shares. Morgan Stanley dropped their target price on shares of Marathon Digital from $7.00 to $5.50 and set an "underweight" rating on the stock in a research report on Wednesday, July 8th. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $11.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Rosenblatt Securities boosted 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. Piper Sandler reduced their target price on Marathon Digital from $16.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, July 17th. Finally, BTIG Research restated a "buy" rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Marathon Digital currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

Marathon Digital Price Performance

The stock's fifty day moving average price is $13.32 and its 200-day moving average price is $10.96. The firm has a market cap of $4.87 billion, a PE ratio of -2.23 and a beta of 5.36. 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 Buying and Selling at Marathon Digital

In related news, Director Douglas K. Mellinger sold 7,000 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the sale, the director owned 231,618 shares of the company's stock, valued at approximately $3,705,888. This represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 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 $391,946.25. Following the completion of the sale, the chief executive officer owned 4,562,009 shares of the company's stock, valued at approximately $65,008,628.25. The trade was 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 sold a total of 109,260 shares of company stock worth $1,452,756 in the last 90 days. 0.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG grew its holdings in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider's stock valued at $220,922,000 after purchasing an additional 6,172,110 shares during the period. Voloridge Investment Management LLC purchased a new position in Marathon Digital during the third quarter worth about $93,066,000. Norges Bank purchased a new position in Marathon Digital during the fourth quarter worth about $39,492,000. Van ECK Associates Corp boosted its holdings in Marathon Digital by 125.4% in the 4th quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider's stock valued at $24,489,000 after purchasing an additional 1,516,937 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider's stock valued at $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. Institutional investors and hedge funds 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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