Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report)’s share price traded down 5.1% during trading on Friday . The company traded as low as $12.12 and last traded at $12.12. 56,073,559 shares traded hands during trading, an increase of 22% from the average session volume of 46,090,902 shares. The stock had previously closed at $12.77.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on MARA shares. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley reduced their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research note on Wednesday, July 8th. Citizens Jmp assumed coverage on Marathon Digital in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price objective on the stock. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Rosenblatt Securities lifted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.
Marathon Digital Stock Performance
Insider Activity
In other news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the sale, the chief financial officer owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. The trade was a 3.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 company’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 transaction, the director owned 231,618 shares in the company, valued at $3,705,888. This represents a 2.93% 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 109,260 shares of company stock valued at $1,452,756 over the last three months. 0.97% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Marathon Digital
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MARA. Integrated Wealth Concepts LLC grew its holdings in shares of Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after purchasing an additional 991 shares during the period. NewEdge Advisors LLC lifted its position in Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after buying an additional 3,032 shares during the last quarter. United Services Automobile Association lifted its position in Marathon Digital by 8.2% in the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after buying an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Marathon Digital by 11.0% during the first 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 buying an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Marathon Digital during the second quarter valued at about $183,000. Hedge funds and other 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.
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