Marathon Digital (NASDAQ:MARA) Trading 3.5% Higher – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded up 3.5% on Friday . The stock traded as high as $14.72 and last traded at $14.08. 41,262,779 shares were traded during mid-day trading, a decline of 9% from the average session volume of 45,556,422 shares. The stock had previously closed at $13.61.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Rosenblatt Securities increased their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Cantor Fitzgerald lowered their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Seven investment 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. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Trading Up 3.5%

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 company has a 50-day simple moving average of $12.07 and a 200 day simple moving average of $10.48. The firm has a market cap of $5.37 billion, a PE ratio of -2.46 and a beta of 5.38.

Insiders Place Their Bets

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares in the company, valued at approximately $5,100,792. This represents a 3.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,250 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $99,000.00. Following the transaction, the general counsel owned 970,768 shares in the company, valued at $11,649,216. This trade represents a 0.84% 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. In the last 90 days, insiders have sold 180,855 shares of company stock worth $2,033,654. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. DV Trading LLC purchased a new position in shares of Marathon Digital during the 1st quarter valued at approximately $99,000. Essential Partners LLC lifted its position in shares of Marathon Digital by 288,266.7% during the 1st quarter. Essential Partners LLC now owns 8,651 shares of the business services provider’s stock valued at $71,000 after buying an additional 8,648 shares in the last quarter. Western Wealth Management LLC lifted its position in shares of Marathon Digital by 26.1% during the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock valued at $221,000 after buying an additional 5,610 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Marathon Digital during the 1st quarter valued at approximately $2,864,000. Finally, Amundi lifted its position in shares of Marathon Digital by 124.2% during the 1st quarter. Amundi now owns 53,425 shares of the business services provider’s stock valued at $436,000 after buying an additional 29,595 shares in the last quarter. Hedge funds and other institutional investors 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.