Marathon Digital (NASDAQ:MARA) Shares Down 2.6% Following Insider Selling

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 2.6% on Thursday following insider selling activity. The stock traded as low as $10.14 and last traded at $10.29. Approximately 41,714,450 shares were traded during mid-day trading, an increase of 0% from the average daily volume of 41,687,047 shares. The stock had previously closed at $10.56.

Specifically, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Piper Sandler reduced their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Macquarie lifted their price objective on Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Finally, Rosenblatt Securities cut their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Marathon Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Marathon Digital Price Performance

The company has a 50 day moving average of $10.75 and a 200-day moving average of $15.07. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $3.97 billion, a P/E ratio of 5.83 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The business had revenue of $252.41 million for the quarter, compared to the consensus estimate of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. Sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently modified their holdings of MARA. UBS Group AG increased its stake in Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the period. Marex Group plc acquired a new stake in shares of Marathon Digital during the 2nd quarter valued at $84,301,000. Voloridge Investment Management LLC purchased a new stake in shares of Marathon Digital during the third quarter valued at $93,066,000. Vanguard Group Inc. boosted its holdings in shares of Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after buying an additional 4,049,979 shares during the period. Finally, Norges Bank acquired a new position in Marathon Digital in the 2nd quarter worth approximately $59,255,000. Institutional investors and hedge funds 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.