Marathon Digital (NASDAQ:MARA) Trading 3.5% Higher – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 3.5% during trading on Friday . The stock traded as high as $14.72 and last traded at $14.08. 41,262,779 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 45,556,422 shares. The stock had previously closed at $13.61.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Cantor Fitzgerald dropped their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Morgan Stanley decreased their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Tuesday, May 19th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. BTIG Research restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Finally, Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Seven 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.38.

Marathon Digital Stock Performance

The firm has a market cap of $5.37 billion, a price-to-earnings ratio of -2.46 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. The stock has a fifty day moving average price of $12.07 and a 200-day moving average price of $10.48.

Insider Buying and Selling

In related news, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $12.00, for a total transaction of $505,080.00. Following the transaction, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $186,880.00. Following the transaction, the chief financial officer directly owned 441,066 shares in the company, valued at $5,151,650.88. This represents a 3.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 180,855 shares of company stock valued at $2,033,654 over the last quarter. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after acquiring an additional 1,394,559 shares during the period. State Street Corp grew its holdings 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 worth $210,977,000 after acquiring an additional 191,380 shares during the period. UBS Group AG grew its holdings 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 period. Marex Group plc grew its holdings 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 period. Finally, Geode Capital Management LLC grew its holdings 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 period. Institutional investors and hedge funds 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.