Marathon Digital (NASDAQ:MARA) Stock Price Up 4% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price shot up 4% during trading on Monday . The stock traded as high as $15.23 and last traded at $14.64. 33,945,394 shares changed hands during trading, a decline of 25% from the average session volume of 45,458,215 shares. The stock had previously closed at $14.08.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MARA. Rosenblatt Securities increased their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Cantor Fitzgerald lowered their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Morgan Stanley lowered their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday, May 19th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Seven 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 company has a consensus rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Stock Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of -2.43 and a beta of 5.38. The company’s 50-day simple moving average is $12.53 and its 200-day simple moving average is $10.57.

Insider Transactions at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares in the company, valued at approximately $5,100,792. The trade was a 3.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $330,060.00. Following the completion of the transaction, the chief executive officer owned 4,589,514 shares of the company’s stock, valued at approximately $55,074,168. The trade was a 0.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 137,350 shares of company stock valued at $1,634,278 over the last three months. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently made changes to their positions in MARA. Ascentis Independent Advisors acquired a new stake in shares of Marathon Digital in the first quarter worth $28,000. Bogart Wealth LLC grew its stake in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Marathon Digital in the 4th quarter worth about $36,000. Hantz Financial Services Inc. increased its position 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 worth $45,000 after purchasing an additional 3,893 shares during the last quarter. Finally, Danske Bank A S raised its stake in shares of Marathon Digital by 93.3% during the 4th quarter. Danske Bank A S now owns 5,800 shares of the business services provider’s stock worth $52,000 after purchasing an additional 2,800 shares in the last quarter. Hedge funds and other institutional investors 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.