Marathon Digital (NASDAQ:MARA) Trading Up 2.8% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 2.8% during mid-day trading on Tuesday . The company traded as high as $11.07 and last traded at $10.95. Approximately 41,761,221 shares were traded during mid-day trading, an increase of 13% from the average daily volume of 36,911,938 shares. The stock had previously closed at $10.65.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday, December 29th. Macquarie upped their price target on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Guggenheim assumed coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Finally, Cantor Fitzgerald reduced their target price on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.56.

Marathon Digital Trading Up 2.8%

The stock has a market capitalization of $4.14 billion, a PE ratio of 6.08 and a beta of 5.34. The company’s 50 day moving average price is $11.51 and its two-hundred day moving average price is $15.42. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data 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 net margin of 100.82% and a negative return on equity of 2.59%. The business had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. As a group, analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Activity

In other Marathon Digital news, General Counsel Zabi Nowaid sold 25,113 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This represents a 3.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction on Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the transaction, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 217,711 shares of company stock worth $3,265,959 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares during the period. State Street Corp increased its holdings in shares of Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after buying an additional 191,380 shares during the last quarter. UBS Group AG raised its position in shares of Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the period. Geode Capital Management LLC lifted its holdings in Marathon Digital by 3.5% in the second quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock valued at $144,669,000 after acquiring an additional 315,499 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Marathon Digital by 7.8% in the second quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock valued at $106,329,000 after acquiring an additional 491,245 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

About Marathon Digital

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.