Marathon Digital (NASDAQ:MARA) Shares Gap Down to $17.29

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares gapped down prior to trading on Monday . The stock had previously closed at $17.29, but opened at $16.61. Marathon Digital shares last traded at $16.48, with a volume of 5,957,105 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MARA shares. Macquarie began coverage on shares of Marathon Digital in a report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Friday, August 23rd. B. Riley upped their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Trading Down 5.0 %

The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 7.53 and a beta of 5.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The business’s 50 day moving average is $17.04 and its 200 day moving average is $18.80.

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). Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. Marathon Digital’s revenue for the quarter was up 77.5% compared to the same quarter last year. As a group, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction dated 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 directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of Marathon Digital stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $15.70, for a total value of $431,938.40. Following the completion of the transaction, the chief executive officer now 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 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

Several hedge funds have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC lifted its stake in shares of Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares during the period. FinTrust Capital Advisors LLC acquired a new stake in Marathon Digital in the first quarter valued at about $90,000. DekaBank Deutsche Girozentrale purchased a new stake in Marathon Digital in the 1st quarter valued at approximately $105,000. GAMMA Investing LLC raised its stake 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 worth $136,000 after buying an additional 3,565 shares in the last quarter. Finally, Natixis acquired a new stake in shares of Marathon Digital in the 1st quarter valued at approximately $177,000. 44.53% of the stock is owned by institutional investors and hedge funds.

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.