Marathon Digital (NASDAQ:MARA) Trading Up 11.9% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 11.9% on Monday . The company traded as high as $13.97 and last traded at $13.78. Approximately 32,466,562 shares changed hands during trading, a decline of 29% from the average daily volume of 45,781,035 shares. The stock had previously closed at $12.32.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MARA shares. Rosenblatt Securities upped their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald cut their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Finally, BTIG Research restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average target price of $18.38.

Marathon Digital Trading Up 11.9%

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $5.25 billion, a P/E ratio of -2.41 and a beta of 5.38. The firm has a 50-day moving average of $11.66 and a two-hundred day moving average of $10.41.

Insider Buying and Selling

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the completion of the transaction, the general counsel owned 970,768 shares of the company’s stock, valued at $11,649,216. This represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the completion of the transaction, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. The trade was a 3.63% decrease in their position. 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 180,855 shares of company stock worth $2,033,654 in the last ninety days. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of MARA. Integrated Wealth Concepts LLC increased its holdings in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association increased its holdings in Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after purchasing an additional 1,569 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Marathon Digital by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after purchasing an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in Marathon Digital in the 2nd quarter worth about $183,000. 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.