Marathon Digital (NASDAQ:MARA) Shares Down 1.1% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 1.1% during mid-day trading on Monday . The stock traded as low as $7.58 and last traded at $7.88. Approximately 32,723,467 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 44,925,813 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

Several analysts have recently weighed in on MARA shares. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Rosenblatt Securities lowered their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Weiss Ratings raised Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Marathon Digital Price Performance

The firm has a market capitalization of $2.98 billion, a P/E ratio of 4.38 and a beta of 5.56. The stock’s fifty day simple moving average is $9.51 and its 200 day simple moving average is $13.72. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09.

Insider Buying and Selling

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total value of $210,688.30. Following the completion of the sale, the chief executive officer directly owned 3,381,861 shares in the company, valued at $25,905,055.26. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total transaction of $122,560.00. Following the completion of the transaction, the chief financial officer directly owned 359,165 shares in the company, valued at $2,751,203.90. This represents a 4.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 133,247 shares of company stock valued at $1,325,255 in the last three months. 0.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. Vident Advisory LLC boosted its holdings in Marathon Digital by 71.0% in the fourth quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock worth $15,209,000 after acquiring an additional 703,262 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Marathon Digital by 29.3% during the fourth quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock valued at $419,000 after acquiring an additional 10,194 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Marathon Digital by 19.6% in the 4th quarter. NewEdge Advisors LLC now owns 11,053 shares of the business services provider’s stock valued at $99,000 after purchasing an additional 1,811 shares during the last quarter. XTX Topco Ltd increased its stake in Marathon Digital by 156.2% during the 4th quarter. XTX Topco Ltd now owns 69,801 shares of the business services provider’s stock valued at $627,000 after purchasing an additional 42,551 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Marathon Digital in the fourth quarter worth $3,171,000. 44.53% of the stock is currently owned by hedge funds and other 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.