Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report) dropped 6.9% during mid-day trading on Tuesday . The stock traded as low as $11.74 and last traded at $12.05. Approximately 30,280,793 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 45,289,207 shares. The stock had previously closed at $12.95.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Citizens Jmp started coverage on Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Rosenblatt Securities upped their price objective on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Morgan Stanley lowered their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 19th. BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Finally, Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.00.
Check Out Our Latest Report on MARA
Marathon Digital Trading Down 6.9%
Insider Buying and Selling
In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of Marathon Digital stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the transaction, the general counsel directly owned 963,768 shares of the company’s stock, valued at $13,733,694. The trade was a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the business’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 transaction, the director owned 231,618 shares in the company, valued at $3,705,888. This trade represents a 2.93% 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. Insiders have sold 194,855 shares of company stock valued at $2,465,975 in the last three months. Corporate insiders own 0.97% of the company’s stock.
Institutional Trading of Marathon Digital
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. WINTON GROUP Ltd purchased a new stake in shares of Marathon Digital in the third quarter worth approximately $4,643,000. Farallon Capital Management LLC boosted its holdings in Marathon Digital by 338.3% during the 3rd quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock valued at $66,832,000 after acquiring an additional 2,825,000 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Marathon Digital during the 4th quarter valued at $10,201,000. Brevan Howard Capital Management LP grew its position in Marathon Digital by 238.7% in the 3rd quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider’s stock valued at $3,565,000 after acquiring an additional 137,606 shares during the last quarter. Finally, Clear Street Group Inc. bought a new position in Marathon Digital in the 3rd quarter valued at $34,331,000. 44.53% of the stock is 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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