Marathon Digital (NASDAQ:MARA) Stock Price Down 5.9% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 5.9% on Tuesday . The company traded as low as $8.33 and last traded at $8.33. 5,995,103 shares were traded during trading, a decline of 87% from the average session volume of 46,611,590 shares. The stock had previously closed at $8.85.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MARA. Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Morgan Stanley began coverage on shares of Marathon Digital in a research note on Monday, February 9th. They set an “underweight” rating and a $8.00 price target for the company. Cantor Fitzgerald decreased their price target 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. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Finally, Piper Sandler reduced their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Price Performance

The company has a market cap of $3.32 billion, a price-to-earnings ratio of -2.20 and a beta of 5.29. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.92. The company’s 50 day moving average price is $8.53 and its 200 day moving average price is $12.12.

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

Insider Activity

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $146,880.00. Following the sale, the chief financial officer directly owned 343,165 shares of the company’s stock, valued at $3,150,254.70. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the sale, the chief executive officer directly owned 4,788,954 shares in the company, valued at $43,962,597.72. This represents a 0.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 114,515 shares of company stock worth $1,029,678 over the last ninety days. 0.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently modified their holdings of the stock. UBS Group AG lifted its position in Marathon Digital by 104.1% during the third 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 in the last quarter. Marex Group plc acquired a new position in Marathon Digital during the second quarter valued at approximately $84,301,000. Voloridge Investment Management LLC acquired a new position in Marathon Digital during the third quarter valued at approximately $93,066,000. Norges Bank acquired a new position in Marathon Digital during the fourth quarter valued at approximately $39,492,000. Finally, Vanguard Group Inc. lifted its position 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 valued at $827,392,000 after buying an additional 4,049,979 shares in the last quarter. 44.53% of the stock is 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.