Marathon Digital (NASDAQ:MARA) Shares Down 3.3% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 3.3% during trading on Tuesday . The company traded as low as $10.67 and last traded at $11.38. 61,897,089 shares were traded during mid-day trading, an increase of 34% from the average session volume of 46,188,125 shares. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reduced their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Morgan Stanley lowered their target price on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research note on Wednesday, July 8th. Piper Sandler dropped their target price on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Citizens Jmp assumed coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 target price for the company. Finally, Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.50.

Marathon Digital Price 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 stock has a fifty day simple moving average of $13.21 and a 200-day simple moving average of $11.01. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of -2.07 and a beta of 5.36.

Insiders Place Their Bets

In related news, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director directly owned 231,618 shares in the company, valued at $3,705,888. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 Wednesday, June 17th. The shares were 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. The trade was a 3.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 109,260 shares of company stock valued at $1,452,756 over the last ninety days. 0.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. CI Investments Inc. lifted its stake in shares of Marathon Digital by 7.6% in the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after buying an additional 957 shares during the period. Integrated Wealth Concepts LLC increased its stake in Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares during the period. Evexia Wealth LLC increased its stake in Marathon Digital by 9.2% during the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 1,090 shares during the period. Sigma Planning Corp increased its stake in Marathon Digital by 12.4% during the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,320 shares during the period. Finally, Osaic Holdings Inc. raised its holdings in Marathon Digital by 38.6% in the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after acquiring an additional 1,340 shares in the last quarter. Institutional investors 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.