Marathon Digital (NASDAQ:MARA) Shares Down 7.3% – Should You Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 7.3% during trading on Thursday . The company traded as low as $11.98 and last traded at $12.40. Approximately 50,452,654 shares changed hands during mid-day trading, an increase of 11% from the average session volume of 45,542,969 shares. The stock had previously closed at $13.37.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MARA shares. Morgan Stanley cut their price target on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. 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 report on Thursday, April 9th. 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 report on Friday, May 1st. Finally, Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Marathon Digital Stock Performance

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $13.28 and its 200 day moving average is $10.72. The stock has a market capitalization of $4.73 billion, a PE ratio of -2.17 and a beta of 5.38.

Insider Activity

In other news, CFO Salman Hassan Khan sold 16,000 shares of the company’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 $228,000.00. Following the transaction, the chief financial officer owned 409,066 shares of the company’s stock, valued at approximately $5,829,190.50. This represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the sale, the chief executive officer owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 194,855 shares of company stock worth $2,465,975 in the last ninety days. 0.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd bought a new position in Marathon Digital in the 3rd quarter worth about $4,643,000. Farallon Capital Management LLC raised its stake in shares of Marathon Digital by 338.3% during the third quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock valued at $66,832,000 after acquiring an additional 2,825,000 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Marathon Digital during the fourth quarter valued at approximately $10,201,000. Brevan Howard Capital Management LP boosted its holdings in shares of Marathon Digital by 238.7% in the third quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock valued at $3,565,000 after purchasing an additional 137,606 shares during the period. Finally, Clear Street Group Inc. purchased a new stake in shares of Marathon Digital in the third quarter valued at approximately $34,331,000. 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.