Marathon Digital (NASDAQ:MARA) Shares Down 0.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 0.3% during mid-day trading on Wednesday . The stock traded as low as $14.86 and last traded at $15.03. Approximately 8,889,062 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 54,890,617 shares. The stock had previously closed at $15.07.

Analyst Upgrades and Downgrades

MARA has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Macquarie initiated coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective for the company. 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. Finally, B. Riley lifted their price target 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. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.61.

Marathon Digital Price Performance

The firm has a market capitalization of $4.32 billion, a P/E ratio of 7.08 and a beta of 5.51. 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 business’s 50 day moving average is $16.76 and its 200-day moving average is $18.75.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data 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). The business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. Marathon Digital’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) earnings per share. As a group, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,700 shares of the 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 transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,212 shares of company stock valued at $726,178. 1.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC lifted its stake in Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares during the period. FinTrust Capital Advisors LLC acquired a new stake in shares of Marathon Digital in the 1st quarter valued at about $90,000. DekaBank Deutsche Girozentrale bought a new stake in Marathon Digital in the 1st quarter valued at about $105,000. GAMMA Investing LLC raised its stake in 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 during the period. Finally, 1832 Asset Management L.P. boosted its holdings in Marathon Digital by 1,555.6% in the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock worth $164,000 after acquiring an additional 7,778 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.