Marathon Digital (NASDAQ:MARA) Trading Down 6.4% on Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares fell 6.4% during mid-day trading on Friday after Piper Sandler lowered their price target on the stock from $16.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Marathon Digital traded as low as $10.54 and last traded at $10.69. 43,264,393 shares were traded during trading, a decline of 5% from the average session volume of 45,477,684 shares. The stock had previously closed at $11.42.

A number of other analysts have also commented on MARA. Citizens Jmp started coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target for the company. Morgan Stanley lowered their price objective on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating on the stock in a research report on Wednesday, July 8th. Rosenblatt Securities raised their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Finally, Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.50.

Insider Activity

In other news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $12.00, for a total transaction of $99,000.00. Following the sale, the general counsel directly owned 970,768 shares in the company, valued at $11,649,216. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 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 $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This trade represents 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. In the last three months, insiders have sold 109,260 shares of company stock valued at $1,452,756. Company insiders own 0.97% 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

Hedge Funds Weigh In On Marathon Digital

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares in the last quarter. State Street Corp lifted its holdings in Marathon Digital by 1.4% in the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after purchasing an additional 191,380 shares in the last quarter. UBS Group AG boosted its stake in Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares during the period. Marex Group plc boosted its stake in Marathon Digital by 2.6% in the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock worth $91,037,000 after purchasing an additional 259,210 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Marathon Digital by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after buying an additional 251,674 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Stock Performance

The firm has a market capitalization of $4.08 billion, a PE ratio of -1.87 and a beta of 5.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The business’s fifty day simple moving average is $13.37 and its 200-day simple moving average is $10.89.

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.