Marathon Digital (NASDAQ:MARA) Stock Price Up 4.4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 4.4% on Monday . The company traded as high as $13.53 and last traded at $12.95. Approximately 30,490,996 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 45,425,047 shares. The stock had previously closed at $12.40.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MARA. Morgan Stanley reduced their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Cantor Fitzgerald cut their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. BTIG Research restated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Citizens Jmp started coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target on the stock. Finally, Rosenblatt Securities lifted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.00.

Marathon Digital Trading Up 4.4%

The company has a market cap of $4.94 billion, a PE ratio of -2.26 and a beta of 5.36. The business has a 50 day simple moving average of $13.32 and a two-hundred day simple moving average of $10.74. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99.

Insiders Place Their Bets

In related news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 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 value of $192,000.00. Following the completion of the sale, the chief financial officer directly owned 425,066 shares in the company, valued at approximately $5,100,792. The trade was a 3.63% 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. Over the last ninety days, insiders have sold 194,855 shares of company stock valued at $2,465,975. 0.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently bought and sold shares of MARA. Vanguard Group Inc. boosted its holdings in shares of Marathon Digital by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. State Street Corp grew its position in Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after acquiring an additional 191,380 shares during the period. UBS Group AG increased its stake in Marathon Digital by 104.1% during the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the last quarter. Marex Group plc increased its stake in Marathon Digital by 2.6% during the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock worth $91,037,000 after acquiring an additional 259,210 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Marathon Digital by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after acquiring an additional 251,674 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.