Marathon Digital (NASDAQ:MARA) Stock Price Down 3.5% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 3.5% during mid-day trading on Monday . The company traded as low as $13.28 and last traded at $14.03. Approximately 50,211,223 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 45,534,164 shares. The stock had previously closed at $14.54.

Analyst Ratings Changes

Several research firms have recently commented on MARA. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald cut their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. BTIG Research reissued a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley reduced their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Tuesday, May 19th. Finally, Rosenblatt Securities upped their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Marathon Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Marathon Digital Stock Down 3.5%

The firm has a 50 day simple moving average of $13.15 and a two-hundred day simple moving average of $10.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market cap of $5.35 billion, a P/E ratio of -2.45 and a beta of 5.38.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’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 $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of Marathon Digital stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% 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 sold a total of 194,855 shares of company stock valued at $2,465,975 over the last three months. 0.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MARA. Ascentis Independent Advisors acquired a new position in shares of Marathon Digital during the first quarter valued at approximately $28,000. Bogart Wealth LLC lifted its position 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 worth $33,000 after purchasing an additional 3,954 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in Marathon Digital in the fourth quarter worth approximately $36,000. Hantz Financial Services Inc. lifted its position in Marathon Digital by 344.8% in the fourth 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 period. Finally, Danske Bank A S boosted its stake in 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 valued at $52,000 after purchasing an additional 2,800 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.