Piper Sandler Cuts Marathon Digital (NASDAQ:MARA) Price Target to $13.00

Key Points

• Piper Sandler cut its price target on Marathon Digital from $16 to $13 while keeping an overweight rating, implying about 19.5% upside from the prior close.
• Analyst views remain mixed, but generally positive: the stock has eight Buy ratings, two Holds and two Sells, with a consensus target price of $18.50.
• Marathon Digital shares fell to $10.88 in Friday trading, while recent filings showed insider selling by both a director and the CFO, and institutional ownership remains significant at 44.53%.

Marathon Digital (NASDAQ:MARA - Get Free Report) had its price objective cut by equities researchers at Piper Sandler from $16.00 to $13.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the business services provider's stock. Piper Sandler's price objective would suggest a potential upside of 19.54% from the company's previous close.

A number of other analysts have also issued reports on MARA. Weiss Ratings lowered Marathon Digital from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 12th. BTIG Research reissued a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald lowered 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 note on Thursday, April 9th. Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Finally, 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 note on Wednesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Marathon Digital Stock Performance

MARA stock traded down $0.55 during mid-day trading on Friday, reaching $10.88. 30,301,795 shares of the stock traded hands, compared to its average volume of 45,362,730. The firm has a market capitalization of $4.15 billion, a PE ratio of -1.91 and a beta of 5.36. The business has a 50-day moving average of $13.41 and a two-hundred day moving average of $10.89. Marathon Digital has a 52 week low of $6.66 and a 52 week high of $23.45. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Transactions at Marathon Digital

In other news, Director Douglas K. Mellinger sold 7,000 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was 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 approximately $3,705,888. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $228,000.00. Following the completion of the transaction, the chief financial officer owned 409,066 shares of the company's stock, valued at $5,829,190.50. The trade was a 3.76% 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 a total of 109,260 shares of company stock worth $1,452,756 over the last quarter. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in MARA. Hennion & Walsh Asset Management Inc. raised its position in Marathon Digital by 24.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 50,275 shares of the business services provider's stock worth $698,000 after purchasing an additional 9,873 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Marathon Digital by 20.0% during the second quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider's stock valued at $354,000 after purchasing an additional 4,246 shares in the last quarter. Moody National Bank Trust Division acquired a new stake in Marathon Digital during the second quarter valued at approximately $1,858,000. CoreCap Advisors LLC grew 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 period. Finally, Versant Capital Management Inc grew its stake in shares of Marathon Digital by 257.3% in the 2nd quarter. Versant Capital Management Inc now owns 4,966 shares of the business services provider's stock valued at $69,000 after purchasing an additional 3,576 shares during the period. 44.53% of the stock is owned by institutional investors.

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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