Marathon Digital (NASDAQ:MARA) Trading Up 2.9% – Still a Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 2.9% during trading on Thursday . The stock traded as high as $13.16 and last traded at $12.77. 58,415,208 shares were traded during trading, an increase of 27% from the average session volume of 46,044,051 shares. The stock had previously closed at $12.41.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MARA shares. Piper Sandler lowered their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Rosenblatt Securities lifted 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. Citizens Jmp started coverage on Marathon Digital in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target on the stock. BTIG Research reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Finally, Morgan Stanley cut their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Marathon Digital Stock Up 2.9%

The business’s 50 day moving average price is $13.32 and its 200-day moving average price is $10.96. 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 firm has a market capitalization of $4.87 billion, a PE ratio of -2.23 and a beta of 5.36.

Insider Activity at Marathon Digital

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the sale, the director owned 231,618 shares of the company’s stock, valued at $3,705,888. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. 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. Insiders have sold a total of 109,260 shares of company stock worth $1,452,756 over the last quarter. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of MARA. Ascentis Independent Advisors acquired a new position in Marathon Digital in the 1st quarter valued at about $28,000. Bogart Wealth LLC lifted its position in shares of Marathon Digital by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Marathon Digital during the fourth quarter worth about $36,000. Hantz Financial Services Inc. boosted its stake in shares of Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares during the period. Finally, CoreCap Advisors LLC boosted its stake in shares of 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 purchasing an additional 2,050 shares during the period. 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.