Marathon Digital (NASDAQ:MARA) Stock Price Up 16.4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 16.4% during trading on Thursday . The company traded as high as $11.78 and last traded at $11.6950. 8,896,017 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 45,901,191 shares. The stock had previously closed at $10.05.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Rosenblatt Securities increased their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Cantor Fitzgerald reduced their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Citizens Jmp began coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 target price for the company. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Finally, Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Eight research 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’s stock. Based on data from MarketBeat, Marathon Digital has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Trading Up 18.2%

The company has a market cap of $4.53 billion, a price-to-earnings ratio of -2.08 and a beta of 5.36. 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 business’s 50 day moving average price is $13.21 and its 200-day moving average price is $11.01.

Insider Transactions at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the transaction, the general counsel directly owned 970,768 shares of the company’s stock, valued at $11,649,216. This represents a 0.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. This represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 109,260 shares of company stock worth $1,452,756 over the last three months. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently bought and sold shares of MARA. UBS Group AG increased 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 worth $220,922,000 after purchasing an additional 6,172,110 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Marathon Digital in the third quarter worth $93,066,000. Norges Bank acquired a new stake in Marathon Digital in the fourth quarter valued at $39,492,000. Van ECK Associates Corp raised its position in Marathon Digital by 125.4% during the 4th quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock worth $24,489,000 after purchasing an additional 1,516,937 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after buying an additional 1,394,559 shares during the period. 44.53% of the stock is 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.