Marathon Digital (NASDAQ:MARA) Shares Down 4.2% – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 4.2% during trading on Friday . The company traded as low as $11.07 and last traded at $11.32. Approximately 38,570,569 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 46,119,250 shares. The stock had previously closed at $11.82.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MARA. Citizens Jmp initiated coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price on the stock. Morgan Stanley dropped their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Piper Sandler decreased their target price on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Finally, Cantor Fitzgerald dropped their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.50.

Marathon Digital Stock Performance

The company has a market cap of $4.32 billion, a P/E ratio of -1.98 and a beta of 5.36. The stock has a 50 day moving average price of $13.17 and a two-hundred day moving average price of $11.02. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insider Transactions at Marathon Digital

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director owned 231,618 shares in the company, valued at $3,705,888. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at $5,100,792. This represents a 3.63% 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. In the last 90 days, insiders sold 109,260 shares of company stock valued at $1,452,756. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MARA. UBS Group AG raised its position in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Marathon Digital during the third quarter worth approximately $93,066,000. Norges Bank bought a new position in Marathon Digital during the 4th quarter worth $39,492,000. Van ECK Associates Corp increased its stake 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 acquiring an additional 1,516,937 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after acquiring an additional 1,394,559 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.