Marathon Digital (NASDAQ:MARA) Shares Up 1.3% – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 1.3% on Wednesday . The company traded as high as $12.85 and last traded at $12.41. Approximately 42,417,906 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 45,953,961 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

A number of analysts have recently commented on MARA shares. BTIG Research restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Piper Sandler dropped their target price on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Rosenblatt Securities upped their price target on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Cantor Fitzgerald lowered their price objective 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. Finally, Morgan Stanley decreased 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. Eight 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Marathon Digital Trading Up 1.3%

The company has a market cap of $4.73 billion, a P/E ratio of -2.17 and a beta of 5.36. The business’s 50-day moving average price is $13.32 and its 200 day moving average price is $10.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Insiders Place Their Bets

In other Marathon Digital news, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the sale, the general counsel owned 970,768 shares in the company, valued at $11,649,216. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 231,618 shares of the company’s stock, valued at approximately $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. Insiders sold 109,260 shares of company stock worth $1,452,756 in the last three months. 0.97% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

A number of hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA bought a new position in Marathon Digital in the 4th quarter valued at about $10,201,000. Exchange Traded Concepts LLC grew its position in shares of Marathon Digital by 47.3% in the fourth 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. New York State Teachers Retirement System increased its stake in shares of Marathon Digital by 28.9% during the fourth quarter. New York State Teachers Retirement System now owns 427,726 shares of the business services provider’s stock worth $3,841,000 after purchasing an additional 95,970 shares during the period. Vanguard Group Inc. lifted its holdings in Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. Finally, Handelsbanken Fonder AB bought a new stake in Marathon Digital in the 4th quarter valued at $831,000. Institutional investors and hedge funds 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.