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

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price gapped down before the market opened 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 Upgrades and Downgrades

A number of brokerages have weighed in on MARA. Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Monday, November 24th. Piper Sandler decreased their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Finally, Macquarie Infrastructure raised their price target on shares of Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.00.

Marathon Digital Stock Performance

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 firm has a market cap of $3.03 billion, a P/E ratio of 4.45 and a beta of 5.56. The stock’s 50-day moving average is $10.36 and its 200 day moving average is $14.33.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction dated 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 $2,853,537.68. This trade represents a 12.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 151,979 shares of company stock valued at $1,738,228. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in Marathon Digital by 8.4% in the second quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock worth $35,846,000 after buying an additional 177,771 shares in the last quarter. Emerald Advisers LLC boosted its stake in shares of Marathon Digital by 77.4% in the 2nd quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after buying an additional 252,864 shares during the last quarter. Emerald Mutual Fund Advisers Trust grew its stake in shares of Marathon Digital by 91.3% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after acquiring an additional 165,688 shares during the period. Mizuho Markets Americas LLC purchased a new position in shares of Marathon Digital in the third quarter worth $5,438,000. Finally, New York State Teachers Retirement System increased its position in shares of Marathon Digital by 12.0% during the 2nd quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock valued at $4,997,000 after purchasing an additional 34,100 shares during the last quarter. 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.