Marathon Digital (NASDAQ:MARA) Trading Up 22.4% – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 22.4% during mid-day trading on Friday . The stock traded as high as $8.39 and last traded at $8.24. Approximately 81,764,811 shares were traded during mid-day trading, an increase of 80% from the average daily volume of 45,401,730 shares. The stock had previously closed at $6.73.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Rosenblatt Securities reduced their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Guggenheim started coverage on shares of Marathon Digital in a report on Tuesday, October 21st. They issued a “neutral” rating for the company. 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 report on Monday, November 24th. JPMorgan Chase & Co. reduced their target price on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Finally, Macquarie Infrastructure boosted their price target on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Marathon Digital Trading Up 22.4%

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $3.12 billion, a PE ratio of 4.58 and a beta of 5.56. The stock’s fifty day simple moving average is $10.43 and its 200 day simple moving average is $14.46.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (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 the consensus estimate of $254.58 million. On average, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 25,113 shares of Marathon Digital stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total transaction of $398,543.31. Following the sale, the general counsel owned 723,136 shares of the company’s stock, valued at approximately $11,476,168.32. This trade represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $11.48, for a total transaction of $398,723.36. Following the transaction, the chief financial officer owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 178,092 shares of company stock valued at $2,153,321 over the last ninety days. 0.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Marathon Digital by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after buying an additional 1,394,559 shares in the last quarter. State Street Corp raised 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 acquiring an additional 191,380 shares in the last quarter. UBS Group AG boosted 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 acquiring an additional 6,172,110 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Marathon Digital by 3.5% during the 2nd 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. grew its holdings in shares of 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 purchasing an additional 491,245 shares in the last quarter. Hedge funds and other 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.