Financial Advocates Investment Management Sells 4,185 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Financial Advocates Investment Management cut its stake in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 23.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,501 shares of the business services provider’s stock after selling 4,185 shares during the period. Financial Advocates Investment Management’s holdings in Marathon Digital were worth $268,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MARA. Beaird Harris Wealth Management LLC lifted its position in shares of Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in shares of Marathon Digital during the 1st quarter worth approximately $90,000. CWM LLC grew its stake in shares of Marathon Digital by 62.5% during the 4th quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock worth $107,000 after purchasing an additional 1,754 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Marathon Digital during the 1st quarter worth approximately $105,000. Finally, GAMMA Investing LLC lifted its position in shares of Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after buying an additional 3,565 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. Chardan Capital decreased their price objective on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Marathon Digital presently has an average rating of “Hold” and an average price target of $19.22.

Marathon Digital Stock Performance

NASDAQ MARA opened at $16.99 on Friday. The company has a market cap of $4.80 billion, a P/E ratio of 7.90 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The stock has a 50-day moving average of $19.34 and a two-hundred day moving average of $20.26. Marathon Digital Holdings, Inc. has a 1-year low of $7.16 and a 1-year high of $34.09.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The business had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.86% and a net margin of 62.57%. Marathon Digital’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.13) EPS. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the sale, the director now owns 60,046 shares in the company, valued at $1,230,943. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.11% of the stock is owned by company insiders.

Marathon Digital 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.