Marathon Digital (NASDAQ:MARA) Given New $5.50 Price Target at Morgan Stanley

Marathon Digital (NASDAQ:MARA) had its price target cut by Morgan Stanley from $7.00 to $5.50 in a research report released on Wednesday,Benzinga reports. They currently have an underweight rating on the business services provider’s stock.

Other equities research analysts also recently issued reports about the stock. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Citizens Jmp initiated 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 objective on the stock. Rosenblatt Securities raised their target price on 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 lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Cantor Fitzgerald dropped their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. 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 stock. Based on data from MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and a consensus price target of $18.83.

Marathon Digital Price Performance

Marathon Digital stock opened at $12.02 on Wednesday. The stock’s 50 day moving average is $13.37 and its 200 day moving average is $10.79. Marathon Digital has a one year low of $6.66 and a one year high of $23.45. The firm has a market cap of $4.58 billion, a P/E ratio of -2.10 and a beta of 5.36. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction on 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 directly owned 425,066 shares of the company’s stock, valued at $5,100,792. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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, Director Douglas K. Mellinger sold 7,000 shares of Marathon Digital stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the transaction, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. The trade was a 2.93% 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. Insiders sold a total of 194,855 shares of company stock worth $2,465,975 in the last ninety days. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of MARA. GAMMA Investing LLC grew its position in Marathon Digital by 20.0% during the second quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider’s stock valued at $354,000 after acquiring an additional 4,246 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Marathon Digital in the second quarter worth $1,858,000. CoreCap Advisors LLC lifted its stake in Marathon Digital by 128.0% in the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after purchasing an additional 2,050 shares during the last quarter. Versant Capital Management Inc boosted its position in Marathon Digital by 257.3% during the second quarter. Versant Capital Management Inc now owns 4,966 shares of the business services provider’s stock valued at $69,000 after buying an additional 3,576 shares during the period. Finally, Western Wealth Management LLC boosted its position in Marathon Digital by 26.1% during the first quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock valued at $221,000 after buying an additional 5,610 shares during the period. 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.