Marathon Digital (NASDAQ:MARA) Shares Up 2.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price shot up 2.3% during mid-day trading on Monday . The company traded as high as $16.11 and last traded at $15.89. 8,920,612 shares were traded during trading, a decline of 84% from the average session volume of 55,561,180 shares. The stock had previously closed at $15.54.

Analysts Set New Price Targets

A number of research firms have issued reports on MARA. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. B. Riley lifted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Marathon Digital has an average rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Trading Up 3.5 %

The stock has a fifty day moving average of $17.88 and a 200 day moving average of $18.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The company has a market capitalization of $4.55 billion, a PE ratio of 7.39 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The firm’s revenue for the quarter was up 77.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) earnings per share. As a group, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Activity

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the transaction, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $15.70, for a total value of $431,938.40. Following the completion of the sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,212 shares of company stock valued at $726,178. 1.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. SRN Advisors LLC grew its holdings in Marathon Digital by 136.4% during the second quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider’s stock worth $3,002,000 after acquiring an additional 87,274 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in Marathon Digital in the second quarter valued at approximately $1,518,000. Cetera Investment Advisers grew its holdings in Marathon Digital by 58.5% in the second quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock valued at $5,150,000 after purchasing an additional 95,774 shares during the period. Second Line Capital LLC acquired a new stake in Marathon Digital in the second quarter valued at approximately $4,060,000. Finally, Creative Planning grew its holdings in Marathon Digital by 26.4% in the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock valued at $573,000 after purchasing an additional 6,035 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.