Marathon Digital (NASDAQ:MARA) Given New $13.00 Price Target at Piper Sandler

Marathon Digital (NASDAQ:MARA) had its target price reduced by Piper Sandler from $16.00 to $13.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

Other analysts have also issued reports about the stock. Rosenblatt Securities upped their price objective 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. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. BTIG Research reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Monday, June 1st. Morgan Stanley reduced their target price on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Finally, Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Eight equities 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’s stock. According to data from MarketBeat.com, Marathon Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Marathon Digital Trading Down 6.4%

MARA opened at $10.69 on Friday. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock’s fifty day moving average is $13.37 and its two-hundred day moving average is $10.89. The company has a market capitalization of $4.08 billion, a P/E ratio of -1.87 and a beta of 5.36. Marathon Digital has a 52 week low of $6.66 and a 52 week high of $23.45.

Insider Activity

In related news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the completion of the transaction, the chief financial officer owned 425,066 shares in the company, valued at $5,100,792. The trade was a 3.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. The trade was a 0.60% decrease in their position. 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 worth $1,452,756 over the last three months. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS Group AG lifted its position in shares of Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Marathon Digital in the 3rd quarter valued at $93,066,000. Norges Bank acquired a new position in Marathon Digital in the 4th quarter valued at $39,492,000. Van ECK Associates Corp raised its holdings in Marathon Digital by 125.4% during the fourth quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock worth $24,489,000 after purchasing an additional 1,516,937 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after buying an additional 1,394,559 shares in the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Marathon Digital News Summary

Here are the key news stories impacting Marathon Digital this week:

• Neutral Sentiment: MARA remains one of the more heavily watched crypto-mining stocks, which can keep trading activity elevated even when there is no major company-specific announcement. Marathon Digital Holdings, Inc. (MARA) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Piper Sandler cut its price target on Marathon Digital to $13 from $16, though it kept an overweight rating, signaling continued long-term confidence despite a lower near-term valuation estimate. Benzinga report on Piper Sandler price target cut
• Negative Sentiment: MARA fell more than the broader market in the latest session, extending its recent weakness and suggesting investors are still cautious around the stock’s volatility and outlook. Here’s Why Marathon Digital Holdings, Inc. (MARA) Fell More Than Broader Market
• Negative Sentiment: The stock declined again in the most recent trading session, reinforcing a short-term downtrend as investors appear to be taking profits or trimming exposure. Marathon Digital Holdings, Inc. (MARA) Declines More Than Market: Some Information for 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.