Marathon Digital (NASDAQ:MARA) Trading Down 1.7% Following Insider Selling

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 1.7% during mid-day trading on Monday following insider selling activity. The company traded as low as $18.48 and last traded at $19.13. Approximately 12,049,730 shares were traded during trading, a decline of 81% from the average daily volume of 64,759,785 shares. The stock had previously closed at $19.47.

Specifically, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the sale, the director now owns 60,046 shares of the company’s stock, valued at $1,230,943. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. B. Riley lowered their target price on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Tuesday, May 28th. StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Finally, Chardan Capital cut their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.33.

Marathon Digital Stock Performance

The business has a 50-day moving average price of $18.90 and a 200-day moving average price of $20.50. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 9.31 and a beta of 5.46.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. The business had revenue of $165.20 million during the quarter, compared to analysts’ expectations of $193.89 million. As a group, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its position in shares of Marathon Digital by 143.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 157,449 shares of the business services provider’s stock valued at $3,555,000 after acquiring an additional 92,649 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Marathon Digital in the first quarter worth about $105,000. Cetera Advisors LLC lifted its holdings in shares of Marathon Digital by 606.5% during the first quarter. Cetera Advisors LLC now owns 105,648 shares of the business services provider’s stock worth $2,386,000 after purchasing an additional 90,695 shares during the period. Cetera Investment Advisers purchased a new stake in Marathon Digital in the first quarter valued at approximately $3,696,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Marathon Digital in the 1st quarter worth approximately $312,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.