Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report)’s stock price was down 3.5% on Wednesday . The company traded as low as $13.89 and last traded at $13.92. 34,163,618 shares were traded during mid-day trading, a decline of 25% from the average session volume of 45,305,262 shares. The stock had previously closed at $14.42.
Analysts Set New Price Targets
A number of research firms recently commented on MARA. Rosenblatt Securities raised their price objective 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. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Finally, Morgan Stanley lowered their price target on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Seven 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 an average rating of “Hold” and a consensus target price of $18.38.
Check Out Our Latest Analysis on MARA
Marathon Digital Stock Performance
Insiders Place Their Bets
In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $321,258.40. Following the transaction, the chief executive officer owned 4,725,219 shares of the company’s stock, valued at approximately $55,190,557.92. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 42,090 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $12.00, for a total value of $505,080.00. Following the sale, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This trade represents a 4.01% decrease in their position. 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 90 days, insiders have sold 137,350 shares of company stock worth $1,634,278. 0.97% of the stock is owned by insiders.
Institutional Investors Weigh In On Marathon Digital
Several hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its holdings in 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 buying an additional 991 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after buying an additional 3,032 shares during the period. United Services Automobile Association boosted its holdings in shares of 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 worth $257,000 after buying an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Marathon Digital by 11.0% in 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 acquiring an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Marathon Digital in the second quarter worth approximately $183,000. 44.53% of the stock is owned by hedge funds and other institutional investors.
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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