Marathon Digital (NASDAQ:MARA) Trading Down 2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 2% during trading on Thursday . The stock traded as low as $14.81 and last traded at $14.91. Approximately 7,351,770 shares changed hands during trading, a decline of 87% from the average daily volume of 54,739,336 shares. The stock had previously closed at $15.21.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MARA shares. Macquarie started coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. lowered their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Finally, B. Riley raised their target price 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. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Up 0.2 %

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 fifty day simple moving average is $16.65 and its two-hundred day simple moving average is $18.73. The company has a market cap of $4.31 billion, a PE ratio of 6.93 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business’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, analysts predict that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $15.70, for a total value of $431,938.40. Following the transaction, the chief executive officer now owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction 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 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 disclosure for this sale can be found here. In the last quarter, 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

Institutional investors and hedge funds have recently bought and sold shares of the business. SRN Advisors LLC lifted its position in Marathon Digital by 136.4% during the second quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider’s stock worth $3,002,000 after buying an additional 87,274 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in Marathon Digital during the second quarter worth approximately $1,518,000. Cetera Investment Advisers lifted its position in 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 purchased a new position in Marathon Digital during the second quarter worth approximately $4,060,000. Finally, Creative Planning lifted its position in Marathon Digital by 26.4% during the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock worth $573,000 after buying an additional 6,035 shares in the last quarter. 44.53% of the stock is currently 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.