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

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.24, but opened at $7.85. Marathon Digital shares last traded at $8.2150, with a volume of 11,689,053 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on MARA. Cantor Fitzgerald reduced their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Rosenblatt Securities reduced their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Morgan Stanley initiated coverage on shares of Marathon Digital in a research report on Monday. They set an “underweight” rating and a $8.00 target price for the company. JPMorgan Chase & Co. dropped their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Finally, Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.00.

Marathon Digital Stock Down 2.3%

The stock has a 50 day moving average price of $10.21 and a 200 day moving average price of $14.20. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The company has a market capitalization of $2.83 billion, a P/E ratio of 4.15 and a beta of 5.56.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the sale, the chief executive officer directly owned 3,517,566 shares of the company’s stock, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. The trade was a 12.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 151,979 shares of company stock valued at $1,738,228. 0.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several large investors have recently added to or reduced their stakes in MARA. UBS Group AG raised its stake in Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after acquiring an additional 6,172,110 shares during the period. Marex Group plc bought a new position in Marathon Digital during the second quarter worth about $84,301,000. Voloridge Investment Management LLC purchased a new position in shares of Marathon Digital in the third quarter worth about $93,066,000. Norges Bank bought a new stake in shares of Marathon Digital in the fourth quarter valued at approximately $39,492,000. Finally, Vanguard Group Inc. raised its position in shares of Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after purchasing an additional 4,049,979 shares during the period. Hedge funds and other institutional investors 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.