Marathon Digital (NASDAQ:MARA) Stock Price Down 6.4% Following Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 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 daily volume of 45,477,684 shares. The stock had previously closed at $11.42.

Several other research firms have also recently commented on MARA. Morgan Stanley lowered their target price on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research note on Wednesday, July 8th. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald lowered their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Citizens Jmp assumed coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective on the stock. Finally, Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Marathon Digital has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Insider Transactions at Marathon Digital

In other news, General Counsel Zabi Nowaid sold 7,000 shares of the business’s stock in a transaction dated 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 owned 963,768 shares in the company, valued at approximately $13,733,694. The trade was a 0.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the 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 $391,946.25. Following the sale, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This trade represents a 0.60% 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 ninety days, insiders have sold 109,260 shares of company stock valued at $1,452,756. Insiders own 0.97% of the company’s stock.

Key Stories Impacting Marathon Digital

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

Institutional Trading of Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in MARA. Vanguard Group Inc. boosted its position in shares of Marathon Digital by 3.1% in the fourth 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 during the period. State Street Corp raised its stake in shares of Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares during the period. UBS Group AG lifted its position in shares of Marathon Digital by 104.1% during the third 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 in the last quarter. Marex Group plc lifted its holdings 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 buying an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Marathon Digital by 2.6% in 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 during the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Trading Down 6.4%

The business’s 50-day simple moving average is $13.37 and its two-hundred day simple moving average is $10.89. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $4.08 billion, a PE ratio of -1.87 and a beta of 5.36.

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.