Marathon Digital (NASDAQ:MARA) Trading Up 5% - What's Next?

Key Points

• Marathon Digital shares rose 5% in midday trading, reaching an intraday high of $12.76 on volume that was more than double the average session volume.
• Analyst views remain mixed, but the stock carries a Moderate Buy consensus with an average target price of $18.50. Recent target changes ranged from Morgan Stanley’s $5.50 underweight view to Citizens JMP’s $24.00 outperform target.
• Insider selling has continued, including recent stock sales by a director and the general counsel, while institutional investors own 44.53% of the company’s shares.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price was up 5% during mid-day trading on Tuesday . The company traded as high as $12.76 and last traded at $12.25. 97,841,197 shares were traded during trading, an increase of 113% from the average session volume of 45,946,707 shares. The stock had previously closed at $11.67.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MARA shares. Rosenblatt Securities increased their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Morgan Stanley reduced their price target on Marathon Digital from $7.00 to $5.50 and set an "underweight" rating for the company in a research note on Wednesday, July 8th. BTIG Research reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Cantor Fitzgerald lowered their price objective on Marathon Digital from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Finally, Citizens Jmp started coverage on Marathon Digital in a report on Wednesday, June 24th. They set a "market outperform" rating and a $24.00 target price for the company. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.50.

Marathon Digital Trading Up 5.0%

The business has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $10.91. The stock has a market capitalization of $4.67 billion, a P/E ratio of -2.14 and a beta of 5.36. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Buying and Selling

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of the 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 sale, the director directly owned 231,618 shares in the company, valued at $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 8,250 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the transaction, the general counsel directly owned 970,768 shares in the company, valued at approximately $11,649,216. This represents a 0.84% decrease in their ownership of the stock. 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 109,260 shares of company stock worth $1,452,756 in the last ninety days. 0.97% of the stock is owned by company insiders.

Institutional Trading of Marathon Digital

Large investors have recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new position in Marathon Digital during the first quarter valued at approximately $28,000. Bogart Wealth LLC boosted its holdings in shares of Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider's stock valued at $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital in the 4th quarter valued at $36,000. Hantz Financial Services Inc. increased its stake in shares of 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 valued at $45,000 after purchasing an additional 3,893 shares during the last quarter. Finally, CoreCap Advisors LLC increased its stake in shares of Marathon Digital by 128.0% in the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider's stock valued at $51,000 after purchasing an additional 2,050 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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