Marathon Digital (NASDAQ:MARA) Trading 0.1% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 0.1% on Wednesday . The stock traded as high as $16.67 and last traded at $16.42. 12,550,944 shares traded hands during trading, a decline of 77% from the average session volume of 55,297,066 shares. The stock had previously closed at $16.41.

Wall Street Analyst Weigh In

Several research firms have issued reports on MARA. Macquarie began coverage on Marathon Digital in a research report on Tuesday. They set an “outperform” rating and a $22.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.61.

Marathon Digital Stock Performance

The firm’s 50 day simple moving average is $17.50 and its 200 day simple moving average is $18.86. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.79 billion, a PE ratio of 7.64 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last issued its 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). Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The company had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same quarter in the prior year, the company earned ($0.13) earnings per share. Marathon Digital’s revenue was up 77.5% on a year-over-year basis. On average, research analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the transaction, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the sale, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at $67,169,451.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,212 shares of company stock valued at $726,178. Insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SRN Advisors LLC lifted its stake in shares of Marathon Digital by 136.4% in the 2nd 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 purchased a new stake in shares of Marathon Digital during the second quarter worth about $1,518,000. Cetera Investment Advisers grew its holdings in shares of Marathon Digital by 58.5% during the second quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock worth $5,150,000 after buying an additional 95,774 shares in the last quarter. Second Line Capital LLC acquired a new stake in shares of Marathon Digital in the second quarter worth approximately $4,060,000. Finally, Creative Planning boosted its position in shares of Marathon Digital by 26.4% in the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock worth $573,000 after acquiring an additional 6,035 shares during the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

About Marathon Digital

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.