Marathon Digital (NASDAQ:MARA) Stock Price Down 5.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded down 5.2% during trading on Wednesday . The company traded as low as $12.62 and last traded at $12.62. 32,914,864 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 45,688,160 shares. The stock had previously closed at $13.31.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BTIG Research reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Cantor Fitzgerald reduced their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Morgan Stanley reduced their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. Finally, HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Stock Performance

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 fifty day moving average price of $11.87 and a 200 day moving average price of $10.44. The firm has a market cap of $4.81 billion, a PE ratio of -2.21 and a beta of 5.38.

Insider Buying and Selling at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $11.68, for a total transaction of $186,880.00. Following the completion of the sale, the chief financial officer owned 441,066 shares in the company, valued at $5,151,650.88. The trade was a 3.50% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $252,495.90. Following the completion of the sale, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at approximately $43,962,597.72. This represents a 0.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 180,855 shares of company stock valued at $2,033,654 in the last three months. 0.80% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

Large investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC boosted its stake in shares of Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of 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 during the period. United Services Automobile Association raised its holdings in shares of Marathon Digital by 8.2% during the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after buying an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Marathon Digital by 11.0% during 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 valued at $7,398,000 after buying an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Marathon Digital during the 2nd quarter valued at about $183,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

About Marathon Digital

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.