Marathon Digital (NASDAQ:MARA) Stock Price Down 5% Following Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were down 5% on Wednesday following insider selling activity. The company traded as low as $13.42 and last traded at $13.96. 52,127,082 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 45,409,844 shares. The stock had previously closed at $14.70.

Specifically, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. 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 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 transaction, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the transaction, the general counsel owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. This represents a 0.72% decrease in their position. The transaction was disclosed in a filing 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.

Analyst Upgrades and Downgrades

MARA has been the topic of a number of research analyst reports. Rosenblatt Securities raised their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Citizens Jmp started coverage on shares of Marathon Digital in a research note on Wednesday. They issued a “market outperform” rating and a $24.00 price target on the stock. BTIG Research reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Marathon Digital currently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Stock Up 4.7%

The stock has a 50-day moving average of $13.07 and a 200-day moving average of $10.67. The company has a market cap of $5.54 billion, a PE ratio of -2.53 and a beta of 5.38. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently modified their holdings of the company. UBS Group AG lifted its position in shares of 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 worth $220,922,000 after purchasing an additional 6,172,110 shares during the period. Voloridge Investment Management LLC bought a new position in shares of Marathon Digital in the 3rd quarter worth approximately $93,066,000. Norges Bank purchased a new position in shares of Marathon Digital in the 4th quarter valued at approximately $39,492,000. Capital Research Global Investors purchased a new position in shares of Marathon Digital in the 3rd quarter valued at approximately $68,090,000. Finally, Farallon Capital Management LLC boosted its position in shares of Marathon Digital by 338.3% during the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock valued at $66,832,000 after purchasing an additional 2,825,000 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.