Marathon Digital (NASDAQ:MARA) Shares Up 6.1% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 6.1% during trading on Thursday . The stock traded as high as $8.08 and last traded at $7.96. 36,133,625 shares changed hands during trading, a decline of 21% from the average session volume of 45,515,363 shares. The stock had previously closed at $7.50.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MARA shares. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Rosenblatt Securities reduced their target price on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Macquarie Infrastructure raised their target price on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $21.00.

Marathon Digital Price Performance

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 $3.01 billion, a PE ratio of 4.42 and a beta of 5.56. The firm’s fifty day moving average price is $9.66 and its two-hundred day moving average price is $13.84.

Insider Buying and Selling

In other news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.48, for a total transaction of $398,723.36. Following the completion of the transaction, the chief financial officer directly owned 248,566 shares in the company, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the transaction, the chief executive officer owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. This represents a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 89,742 shares of company stock worth $992,006. 0.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently added to or reduced their stakes in MARA. Hollencrest Capital Management lifted its position in shares of Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after purchasing an additional 1,300 shares during the period. Estabrook Capital Management purchased a new position in shares of Marathon Digital during the second quarter worth $31,000. Bessemer Group Inc. increased its holdings in shares of Marathon Digital by 56.8% during the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 659 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Marathon Digital in the fourth quarter valued at approximately $36,000. Finally, IFP Advisors Inc lifted its stake in Marathon Digital by 375.4% in the 2nd quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after buying an additional 2,001 shares in the last quarter. 44.53% of the stock is currently 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.