Marathon Digital (NASDAQ:MARA) Shares Down 4.9% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 4.9% during trading on Thursday . The company traded as low as $9.60 and last traded at $9.86. 38,996,188 shares were traded during trading, a decline of 6% from the average session volume of 41,297,180 shares. The stock had previously closed at $10.37.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MARA shares. Piper Sandler decreased their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, November 24th. Rosenblatt Securities decreased their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Macquarie upped their price target on shares of Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Marathon Digital currently has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a 50 day moving average of $10.66 and a 200 day moving average of $14.77. The stock has a market capitalization of $3.59 billion, a P/E ratio of 5.28 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $254.58 million. Equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity

In related news, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $11,476,168.32. This represents a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the transaction, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 182,979 shares of company stock worth $2,234,934 over the last quarter. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in shares of Marathon Digital by 8.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares during the period. Emerald Advisers LLC boosted its holdings in shares of Marathon Digital by 77.4% in the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock valued at $9,088,000 after buying an additional 252,864 shares during the period. Emerald Mutual Fund Advisers Trust boosted its position in shares of Marathon Digital by 91.3% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock worth $5,444,000 after buying an additional 165,688 shares during the period. Mizuho Markets Americas LLC bought a new stake in Marathon Digital in the 3rd quarter valued at approximately $5,438,000. Finally, New York State Teachers Retirement System lifted its position in Marathon Digital by 12.0% during the 2nd quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after buying an additional 34,100 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

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.