Marathon Digital (NASDAQ:MARA) Shares Down 1.8% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 1.8% during mid-day trading on Thursday . The company traded as low as $13.58 and last traded at $14.07. Approximately 37,462,926 shares traded hands during trading, a decline of 19% from the average daily volume of 46,196,484 shares. The stock had previously closed at $14.33.

Wall Street Analyst Weigh In

MARA has been the subject of a number of recent research reports. Cantor Fitzgerald lowered their price objective on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Rosenblatt Securities lifted their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Morgan Stanley reduced their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Tuesday, May 19th. Finally, HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average price target of $18.38.

Marathon Digital Trading Up 2.2%

The firm has a market cap of $5.48 billion, a P/E ratio of -2.51 and a beta of 5.41. The stock has a fifty day simple moving average of $11.13 and a 200 day simple moving average of $10.42. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). The business had revenue of $202.31 million during the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative return on equity of 23.20% and a negative net margin of 234.83%.The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.24 EPS. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Zabi Nowaid sold 8,250 shares of Marathon Digital stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the completion of the sale, the general counsel owned 970,768 shares of the company’s stock, valued at $11,649,216. The trade was a 0.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the completion of the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at $5,100,792. The trade was a 3.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 180,855 shares of company stock valued at $2,033,654 over the last 90 days. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several large investors have recently modified their holdings of MARA. Hollencrest Capital Management grew its holdings in shares of Marathon Digital by 2,407.4% in the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after acquiring an additional 1,300 shares during the period. Ascentis Independent Advisors bought a new stake in shares of Marathon Digital in the first quarter worth $28,000. Bessemer Group Inc. grew its holdings in shares of Marathon Digital by 56.8% in the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after acquiring an additional 659 shares during the period. Bogart Wealth LLC grew its holdings in shares of Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after acquiring an additional 3,954 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital during the fourth quarter valued at about $36,000. 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.