Marathon Digital (NASDAQ:MARA) Trading 4.7% Higher – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 4.7% on Friday . The company traded as high as $15.00 and last traded at $14.5280. 55,153,521 shares were traded during mid-day trading, an increase of 21% from the average session volume of 45,505,715 shares. The stock had previously closed at $13.88.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MARA shares. Citizens Jmp assumed coverage on shares of Marathon Digital in a report on Wednesday. They set a “market outperform” rating and a $24.00 price target on the stock. 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. Rosenblatt Securities raised their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Morgan Stanley decreased their target price 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. Finally, Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Eight 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Trading Up 4.7%

The stock has a market cap of $5.54 billion, a P/E ratio of -2.54 and a beta of 5.38. 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 firm’s fifty day simple moving average is $13.15 and its 200-day simple moving average is $10.69.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the transaction, the director owned 231,618 shares in the company, valued at $3,705,888. The trade was a 2.93% 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. In the last three months, insiders have sold 194,855 shares of company stock valued at $2,465,975. 0.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its stake in shares of Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after buying an additional 991 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after acquiring an additional 3,032 shares in the last quarter. United Services Automobile Association raised its holdings in shares of Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Marathon Digital by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after acquiring an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in Marathon Digital in the 2nd quarter valued at about $183,000. 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.