Marathon Digital (NASDAQ:MARA) Trading Down 3.3% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 3.3% during mid-day trading on Monday . The stock traded as low as $11.93 and last traded at $12.19. Approximately 35,603,545 shares changed hands during trading, a decline of 22% from the average daily volume of 45,365,477 shares. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MARA. Weiss Ratings cut Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald lowered their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Morgan Stanley dropped their target price on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Finally, 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 note on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and an average price target of $18.83.

Marathon Digital Stock Down 3.3%

The firm has a market capitalization of $4.65 billion, a PE ratio of -2.13 and a beta of 5.36. The company has a fifty day moving average price of $13.45 and a 200-day moving average price of $10.83. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, Director Douglas K. Mellinger sold 7,000 shares of Marathon Digital stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the transaction, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. This trade represents a 2.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the sale, the general counsel owned 963,768 shares in the company, valued at approximately $13,733,694. This trade represents a 0.72% 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 three months, insiders have sold 194,855 shares of company stock worth $2,465,975. Company insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MARA. Farallon Capital Management LLC raised its position in 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 purchasing an additional 2,825,000 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of Marathon Digital in the 4th 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 3rd quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock worth $3,565,000 after purchasing an additional 137,606 shares during the period. Clear Street Group Inc. purchased a new position in shares of Marathon Digital in the 3rd quarter worth approximately $34,331,000. Finally, Exchange Traded Concepts LLC increased its position in shares of Marathon Digital by 47.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,539,210 shares of the business services provider’s stock valued at $13,822,000 after purchasing an additional 494,161 shares during the last quarter. 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.