Marathon Digital (NASDAQ:MARA) Director Douglas Mellinger Sells 7,000 Shares of Stock

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas Mellinger sold 7,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the sale, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. This trade represents a 2.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Marathon Digital Trading Down 5.0%

Shares of MARA stock traded down $0.74 on Wednesday, hitting $13.96. 52,667,742 shares of the company’s stock traded hands, compared to its average volume of 37,889,640. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -2.44 and a beta of 5.38. The company’s fifty day simple moving average is $13.00 and its 200 day simple moving average is $10.65. Marathon Digital Holdings, Inc. has a one year low of $6.66 and a one year high of $23.45.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the period. State Street Corp increased its holdings in Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares during the period. UBS Group AG raised its position in Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares during the last quarter. Marex Group plc raised its position in Marathon Digital by 2.6% during the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after purchasing an additional 259,210 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Marathon Digital by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after buying an additional 251,674 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MARA. BTIG Research reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Cantor Fitzgerald reduced their price target 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. Citizens Jmp started coverage on Marathon Digital in a research note on Wednesday. They issued a “market outperform” rating and a $24.00 price target on the stock. Finally, Morgan Stanley lowered their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.