Marathon Digital (NASDAQ:MARA) Trading Down 11.7% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 11.7% during mid-day trading on Wednesday . The stock traded as low as $10.03 and last traded at $10.05. 43,351,461 shares changed hands during trading, a decline of 6% from the average session volume of 46,192,656 shares. The stock had previously closed at $11.38.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Piper Sandler dropped their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. BTIG Research restated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Citizens Jmp began coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price objective for the company. Finally, Rosenblatt Securities boosted their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Eight 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Marathon Digital Price Performance

The firm has a market capitalization of $3.83 billion, a PE ratio of -1.76 and a beta of 5.36. 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 business’s 50 day moving average is $13.27 and its two-hundred day moving average is $11.01.

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital 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 completion of the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were 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 in the company, valued at approximately $3,705,888. The trade was a 2.93% 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 sold 109,260 shares of company stock valued at $1,452,756 over the last three months. Insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently modified their holdings of MARA. Ascentis Independent Advisors bought a new position in shares of Marathon Digital in the first quarter valued at approximately $28,000. Bogart Wealth LLC lifted its stake in 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 worth $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Marathon Digital in the 4th quarter worth approximately $36,000. Hantz Financial Services Inc. boosted its holdings in Marathon Digital by 344.8% in the 4th 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 grew its position in shares of Marathon Digital by 128.0% during the 2nd 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 in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.