Marathon Digital (NASDAQ:MARA) Trading Down 6.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 6.3% during trading on Monday . The company traded as low as $16.17 and last traded at $16.20. 11,344,281 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 55,133,785 shares. The stock had previously closed at $17.29.

Analysts Set New Price Targets

A number of research firms have recently commented on MARA. Macquarie began coverage on Marathon Digital in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 target price on the stock. JPMorgan Chase & Co. dropped 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. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Finally, B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Marathon Digital has an average rating of “Hold” and an average target price of $19.61.

Marathon Digital Price Performance

The firm has a 50 day moving average price of $17.04 and a 200 day moving average price of $18.80. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a market cap of $4.59 billion, a P/E ratio of 7.53 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) earnings per share (EPS) 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 the consensus estimate of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The firm’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period last year, the business posted ($0.13) EPS. On average, analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insider Activity at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,512 shares of Marathon Digital 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 owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the firm’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 completion of the transaction, the chief executive officer now owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Salman Hassan Khan sold 16,700 shares of the firm’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 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 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 owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently added to or reduced their stakes in the company. SRN Advisors LLC boosted its holdings 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 purchasing an additional 87,274 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Marathon Digital in the 2nd quarter worth approximately $1,518,000. Cetera Investment Advisers boosted its holdings in shares of Marathon Digital by 58.5% in the 2nd quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock worth $5,150,000 after purchasing an additional 95,774 shares during the period. Second Line Capital LLC purchased a new position in shares of Marathon Digital in the 2nd quarter worth approximately $4,060,000. Finally, Creative Planning boosted its holdings in shares of Marathon Digital by 26.4% in the 2nd quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock worth $573,000 after purchasing an additional 6,035 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.