Marathon Digital’s (MARA) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Marathon Digital (NASDAQ:MARA) in a research report released on Thursday morning, Benzinga reports. They currently have a $27.00 target price on the business services provider’s stock.

MARA has been the subject of a number of other research reports. B. Riley boosted their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the company a neutral rating in a research report on Friday, July 12th. JPMorgan Chase & Co. decreased their target price on shares of Marathon Digital from $14.00 to $12.00 and set an underweight rating on the stock in a research report on Friday, August 23rd. Macquarie began coverage on shares of Marathon Digital in a research report on Tuesday, September 24th. They issued an outperform rating and a $22.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on Marathon Digital in a research report on Thursday. They set an overweight rating and a $21.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $19.79.

Marathon Digital Stock Performance

NASDAQ MARA opened at $16.08 on Thursday. The stock has a market cap of $4.55 billion, a PE ratio of 7.48 and a beta of 5.50. 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 firm has a 50-day moving average of $16.11 and a 200-day moving average of $18.46. Marathon Digital has a 52-week low of $7.55 and a 52-week high of $34.09.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. Marathon Digital’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.13) EPS. On average, sell-side analysts anticipate that Marathon Digital will post -1.06 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital 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 in the company, valued at approximately $33,022,547.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the chief financial officer now directly owns 2,103,347 shares in the company, valued at $33,022,547.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $431,938.40. Following the transaction, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,212 shares of company stock worth $726,178 over the last three months. Insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

Several hedge funds and other institutional investors have recently made changes to their positions in MARA. Beaird Harris Wealth Management LLC boosted its position in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after buying an additional 695 shares during the period. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital in the 1st quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale bought a new position in shares of Marathon Digital during the first quarter valued at $105,000. GAMMA Investing LLC lifted its holdings in shares of Marathon Digital by 108.0% during the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after purchasing an additional 3,565 shares during the period. Finally, Tobam grew its stake in shares of Marathon Digital by 173.0% in the third quarter. Tobam now owns 7,701 shares of the business services provider’s stock worth $125,000 after purchasing an additional 4,880 shares during the last quarter. 44.53% of the stock is currently owned by 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.