Marathon Digital (NASDAQ:MARA) Shares Up 4.2% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares shot up 4.2% during mid-day trading on Monday . The stock traded as high as $10.85 and last traded at $10.65. 38,278,960 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 36,177,219 shares. The stock had previously closed at $10.22.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Guggenheim started coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They set a “neutral” rating on the stock. Rosenblatt Securities decreased their target price on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Cantor Fitzgerald cut their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. lowered their target price on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Marathon Digital has a consensus rating of “Moderate Buy” and an average target price of $23.56.

Marathon Digital Price Performance

The stock has a market cap of $4.03 billion, a PE ratio of 5.92 and a beta of 5.34. The business’s 50-day simple moving average is $11.51 and its 200-day simple moving average is $15.42. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%.The business had revenue of $252.41 million during the quarter, compared to the consensus estimate of $254.58 million. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In related news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction on Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the sale, the chief financial officer owned 283,298 shares in the company, valued at $3,396,743.02. The trade was a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $10.77, for a total transaction of $296,228.85. Following the transaction, the chief executive officer directly owned 3,555,489 shares in the company, valued at approximately $38,292,616.53. The trade was a 0.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 217,711 shares of company stock valued at $3,265,959. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its stake in Marathon Digital by 16.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,774 shares of the business services provider’s stock worth $258,000 after buying an additional 4,017 shares in the last quarter. Procyon Advisors LLC purchased a new position in shares of Marathon Digital during the 4th quarter worth approximately $164,000. Strategic Investment Solutions Inc. IL grew its holdings in shares of Marathon Digital by 7,831.3% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 23,794 shares of the business services provider’s stock worth $478,000 after acquiring an additional 23,494 shares during the period. Swiss Life Asset Management Ltd bought a new position in shares of Marathon Digital in the 3rd quarter worth approximately $294,000. Finally, Liontrust Investment Partners LLP purchased a new position in shares of Marathon Digital in the 3rd quarter valued at approximately $373,000. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.