Marathon Digital (NASDAQ:MARA) Trading 1.3% Higher – Time to Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 1.3% during mid-day trading on Wednesday . The company traded as high as $12.85 and last traded at $12.41. 42,417,906 shares traded hands during trading, a decline of 8% from the average session volume of 45,953,961 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

MARA has been the topic of several research reports. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Rosenblatt Securities raised their price target on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Citizens Jmp initiated coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 target price on the stock. Finally, Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Marathon Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Marathon Digital Stock Up 1.3%

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of -2.17 and a beta of 5.36. The firm has a 50 day simple moving average of $13.32 and a two-hundred day simple moving average of $10.94.

Insider Activity

In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $99,750.00. Following the sale, the general counsel directly owned 963,768 shares in the company, valued at approximately $13,733,694. This trade represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the transaction, the chief financial officer directly owned 409,066 shares of the company’s stock, valued at $5,829,190.50. This trade represents a 3.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 109,260 shares of company stock valued at $1,452,756. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ascentis Independent Advisors bought a new stake in shares of Marathon Digital in the first quarter worth about $28,000. Bogart Wealth LLC grew its position in shares of Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital during the 4th quarter worth approximately $36,000. Hantz Financial Services Inc. raised its holdings in Marathon Digital by 344.8% during the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after buying an additional 3,893 shares during the period. Finally, CoreCap Advisors LLC lifted its stake in Marathon Digital by 128.0% in the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after buying an additional 2,050 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.