Marathon Digital (NASDAQ:MARA) Trading Down 0.1% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 0.1% during trading on Tuesday . The company traded as low as $16.67 and last traded at $16.97. 26,689,779 shares were traded during mid-day trading, a decline of 51% from the average session volume of 53,953,645 shares. The stock had previously closed at $16.98.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MARA. Cantor Fitzgerald assumed coverage on Marathon Digital in a research note on Thursday, October 10th. They issued an “overweight” rating and a $21.00 price target for the company. JPMorgan Chase & Co. cut their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. B. Riley raised their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Thursday, October 10th. Finally, 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 for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marathon Digital presently has an average rating of “Hold” and a consensus target price of $19.79.

Marathon Digital Price Performance

The company has a 50 day moving average price of $16.12 and a 200 day moving average price of $18.42. 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 firm has a market cap of $4.78 billion, a PE ratio of 7.89 and a beta of 5.50.

Marathon Digital (NASDAQ:MARA) last issued its earnings results 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). 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 analysts’ expectations of $157.86 million. During the same period in the previous year, the firm earned ($0.13) EPS. The firm’s revenue was up 77.5% on a year-over-year basis. Sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

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 value of $262,190.00. Following the completion of 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 SEC, which is available through this hyperlink. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the company’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 sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital 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 transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders 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

Several hedge funds have recently added to or reduced their stakes in MARA. Beaird Harris Wealth Management LLC lifted its holdings in shares of 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 purchasing an additional 695 shares in the last quarter. Ranch Capital Advisors Inc. increased its position in Marathon Digital by 6.1% during the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock worth $269,000 after buying an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Marathon Digital by 4.1% in the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock worth $505,000 after acquiring an additional 881 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Marathon Digital by 2.1% in the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock valued at $1,603,000 after acquiring an additional 1,430 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of Marathon Digital by 2.9% during the second quarter. Kingswood Wealth Advisors LLC now owns 66,561 shares of the business services provider’s stock valued at $1,321,000 after acquiring an additional 1,845 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.