Marathon Digital Holdings, Inc. (NASDAQ:MARA) Position Boosted by Creative Planning

Creative Planning lifted its stake in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 26.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,890 shares of the business services provider’s stock after purchasing an additional 6,035 shares during the quarter. Creative Planning’s holdings in Marathon Digital were worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Marathon Digital by 1.9% in the first quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock worth $540,002,000 after acquiring an additional 441,455 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Marathon Digital by 261.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock valued at $64,249,000 after purchasing an additional 2,340,472 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Marathon Digital by 186.6% in the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after buying an additional 1,327,969 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Marathon Digital by 4,394.8% during the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after purchasing an additional 1,324,625 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Marathon Digital by 12.7% in the second quarter. Millennium Management LLC now owns 1,333,856 shares of the business services provider’s stock worth $26,477,000 after purchasing an additional 149,805 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Cantor Fitzgerald began coverage on shares of Marathon Digital in a research report on Thursday. They set an “overweight” rating and a $21.00 target price on the stock. JPMorgan Chase & Co. reduced 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 note on Friday, August 23rd. B. Riley upped their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Macquarie initiated coverage on Marathon Digital in a report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Thursday. 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 company. Based on data from MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average price target of $19.79.

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,512 shares of the company’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 value of $431,938.40. Following the completion of the transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the 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 sale, 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 SEC, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of Marathon Digital 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 sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,212 shares of company stock worth $726,178. 1.11% of the stock is owned by corporate insiders.

Marathon Digital Price Performance

Shares of NASDAQ MARA opened at $16.08 on Monday. The firm has a fifty day simple moving average of $16.11 and a 200 day simple moving average of $18.46. Marathon Digital Holdings, Inc. has a twelve month low of $7.55 and a twelve month high of $34.09. 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 company has a market capitalization of $4.55 billion, a PE ratio of 7.48 and a beta of 5.50.

Marathon Digital (NASDAQ:MARA) last announced its quarterly 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 firm had revenue of $145.14 million during 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%. The firm’s revenue was up 77.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.13) EPS. On average, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

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.