Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report)’s share price dropped 3.7% during trading on Wednesday . The stock traded as low as $13.18 and last traded at $13.37. Approximately 40,459,400 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 45,500,070 shares. The stock had previously closed at $13.89.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. 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. Morgan Stanley decreased their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. BTIG Research reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Monday, June 1st. Finally, Citizens Jmp started coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.
Check Out Our Latest Stock Analysis on Marathon Digital
Marathon Digital Stock Performance
Insider Activity at Marathon Digital
In related news, 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 sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of Marathon Digital stock in a transaction that occurred on 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 directly owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. This trade represents a 0.72% decrease in their position. 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. Over the last three months, insiders have sold 194,855 shares of company stock valued at $2,465,975. Insiders own 0.97% of the company’s stock.
Institutional Investors Weigh In On Marathon Digital
A number of hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC grew its holdings in shares of Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares during the period. NewEdge Advisors LLC lifted its holdings 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 acquiring an additional 3,032 shares during the period. United Services Automobile Association boosted 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 worth $257,000 after purchasing an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in 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 purchasing an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Marathon Digital during the 2nd quarter valued at about $183,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.
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.
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