Marathon Digital (NASDAQ:MARA) Trading Up 11.9% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 11.9% during mid-day trading on Monday . The stock traded as high as $13.97 and last traded at $13.78. Approximately 32,466,562 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 45,781,035 shares. The stock had previously closed at $12.32.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MARA shares. Morgan Stanley decreased their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. Rosenblatt Securities lifted their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Finally, Cantor Fitzgerald reduced 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 report on Thursday, April 9th. Seven equities research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.38.

Marathon Digital Price Performance

The stock has a 50 day simple moving average of $11.87 and a two-hundred day simple moving average of $10.44. The company has a market cap of $5.04 billion, a price-to-earnings ratio of -2.31 and a beta of 5.38. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insider Activity at Marathon Digital

In other news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $99,000.00. Following the completion of the sale, the general counsel owned 970,768 shares in the company, valued at $11,649,216. This trade represents a 0.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Marathon Digital stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 180,855 shares of company stock valued at $2,033,654. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ascentis Independent Advisors purchased a new position in shares of Marathon Digital during the 1st quarter worth $28,000. Bessemer Group Inc. boosted its stake in Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after buying an additional 659 shares during the period. Bogart Wealth LLC increased its position in shares of Marathon Digital by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Marathon Digital in the 4th quarter valued at approximately $36,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of 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 acquiring an additional 3,893 shares during 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.