Marathon Digital (NASDAQ:MARA) Trading 2.9% Higher – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 2.9% during trading on Friday . The stock traded as high as $18.83 and last traded at $18.53. 14,340,575 shares traded hands during trading, a decline of 73% from the average daily volume of 53,831,332 shares. The stock had previously closed at $18.01.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MARA shares. JPMorgan Chase & Co. lowered 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. Macquarie began coverage on Marathon Digital in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective on the stock. Cantor Fitzgerald assumed coverage on Marathon Digital in a research note on Thursday, October 10th. They set an “overweight” rating and a $21.00 price objective for the company. B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.79.

Marathon Digital Stock Performance

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 stock has a market cap of $5.34 billion, a P/E ratio of 8.78 and a beta of 5.50. The company has a 50 day simple moving average of $16.20 and a 200-day simple moving average of $18.35.

Marathon Digital (NASDAQ:MARA) last released its 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). Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The firm had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same quarter in the previous year, the firm earned ($0.13) EPS. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction 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 in the company, valued at $33,022,547.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $17.50, for a total transaction of $481,337.50. Following the completion of the sale, the chief executive officer now directly owns 4,250,804 shares in the company, valued at $74,389,070. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction that occurred 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 $33,022,547.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,417 shares of company stock valued at $1,516,536. Corporate insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

A number of institutional investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC raised its holdings in Marathon Digital by 121.1% during the 1st 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 last quarter. FinTrust Capital Advisors LLC bought a new position in shares of Marathon Digital during the first quarter valued at about $90,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Marathon Digital during the first quarter worth about $105,000. GAMMA Investing LLC grew its stake in shares of Marathon Digital by 108.0% in the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after purchasing an additional 3,565 shares during the last quarter. Finally, Tobam increased its holdings in Marathon Digital by 173.0% during the 3rd quarter. Tobam now owns 7,701 shares of the business services provider’s stock valued at $125,000 after purchasing an additional 4,880 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.