Marathon Digital (NASDAQ:MARA) Shares Up 1.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 1.2% on Tuesday . The company traded as high as $8.98 and last traded at $8.96. 40,435,205 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 47,210,023 shares. The stock had previously closed at $8.85.

Wall Street Analysts Forecast Growth

MARA has been the topic of a number of analyst reports. Piper Sandler lowered their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Morgan Stanley assumed coverage on Marathon Digital in a research report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price for the company. Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Finally, Cantor Fitzgerald reduced their price objective on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and an average price target of $20.00.

Marathon Digital Stock Up 1.2%

The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The business has a 50 day moving average price of $8.53 and a 200 day moving average price of $12.12. The firm has a market capitalization of $3.41 billion, a P/E ratio of -2.26 and a beta of 5.29.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($4.29). The business had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. Marathon Digital’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.24 EPS. On average, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $146,880.00. Following the transaction, the chief financial officer owned 343,165 shares of the company’s stock, valued at approximately $3,150,254.70. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at approximately $43,962,597.72. The trade was a 0.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 114,515 shares of company stock valued at $1,029,678. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management boosted its holdings in Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 1,300 shares during the period. Bessemer Group Inc. boosted its holdings in Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 659 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital in the 4th quarter valued at $36,000. Hantz Financial Services Inc. boosted its holdings in Marathon Digital by 344.8% in the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in Marathon Digital in the 3rd quarter valued at $47,000. 44.53% of the stock is owned by institutional investors.

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.