Marathon Digital (NASDAQ:MARA) Price Target Lowered to $16.00 at Piper Sandler

Marathon Digital (NASDAQ:MARA) had its price objective reduced by stock analysts at Piper Sandler from $26.00 to $16.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Piper Sandler’s target price suggests a potential upside of 45.22% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Cantor Fitzgerald decreased their price objective on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Macquarie raised their target price on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Guggenheim initiated coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating for the company. Finally, Rosenblatt Securities cut 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 report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.44.

Marathon Digital Price Performance

MARA stock opened at $11.02 on Wednesday. The business’s fifty day moving average price is $11.40 and its 200 day moving average price is $15.39. Marathon Digital has a 12-month low of $8.95 and a 12-month high of $23.45. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $4.17 billion, a PE ratio of 6.15 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The business had revenue of $252.41 million during the quarter, compared to analyst estimates of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. On average, sell-side analysts anticipate that Marathon Digital will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 25,113 shares of Marathon Digital stock in a transaction on Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the transaction, the general counsel owned 723,136 shares of the company’s stock, valued at $11,476,168.32. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 value 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. The trade was a 12.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 182,979 shares of company stock valued at $2,476,153 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management boosted its stake in Marathon Digital by 2,407.4% during 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 in the last quarter. Bessemer Group Inc. raised its position in 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 in the last quarter. Fifth Third Bancorp lifted its holdings in Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 683 shares during the last quarter. Estabrook Capital Management acquired a new position in shares of Marathon Digital in the 2nd quarter worth $31,000. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Marathon Digital during the third quarter valued at $47,000. 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.