Millennium Management LLC Purchases 149,805 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Millennium Management LLC increased its position in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 12.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,333,856 shares of the business services provider’s stock after purchasing an additional 149,805 shares during the period. Millennium Management LLC’s holdings in Marathon Digital were worth $26,477,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MARA. Rhumbline Advisers boosted its holdings in shares of Marathon Digital by 126.5% in the 2nd quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock valued at $15,615,000 after purchasing an additional 439,309 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in Marathon Digital in the second quarter valued at about $4,498,000. Public Sector Pension Investment Board bought a new position in Marathon Digital in the second quarter valued at about $11,920,000. Vima LLC acquired a new position in Marathon Digital during the fourth quarter worth about $949,000. Finally, Virtu Financial LLC bought a new position in shares of Marathon Digital in the fourth quarter worth about $1,629,000. 44.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MARA. 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 report on Friday, August 23rd. B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Finally, Macquarie started 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.61.

Marathon Digital Price Performance

Marathon Digital stock opened at $15.47 on Friday. The stock’s 50 day moving average is $16.65 and its 200 day moving average is $18.73. Marathon Digital Holdings, Inc. has a one year low of $7.16 and a one year high of $34.09. The firm has a market cap of $4.37 billion, a P/E ratio of 7.20 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.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The firm had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same period in the prior year, the company posted ($0.13) earnings per share. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. As a group, research analysts expect that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

Insiders Place Their Bets

In related 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 sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,212 shares of company stock worth $726,178. Company insiders own 1.11% 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.