Marathon Digital (NASDAQ:MARA) Hits New 12-Month Low – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) reached a new 52-week low on Monday . The company traded as low as $8.91 and last traded at $9.25, with a volume of 13875591 shares trading hands. The stock had previously closed at $9.50.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Rosenblatt Securities decreased their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Guggenheim assumed coverage on shares of Marathon Digital in a report on Tuesday, October 21st. They set a “neutral” rating for the company. Macquarie upped 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. JPMorgan Chase & Co. decreased their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Finally, Piper Sandler lowered their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Marathon Digital Price Performance

The firm has a market capitalization of $3.13 billion, a PE ratio of 4.60 and a beta of 5.56. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a fifty day moving average price of $10.58 and a 200-day moving average price of $14.56.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The company had revenue of $252.41 million for the quarter, compared to the consensus estimate of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. Sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction 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 completion of the sale, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. This represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the completion of the sale, the chief executive officer owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 182,979 shares of company stock worth $2,234,934 in the last 90 days. 0.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management lifted its stake in shares of Marathon Digital by 2,407.4% during the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after buying an additional 1,300 shares during the period. Bessemer Group Inc. grew its stake in Marathon Digital by 56.8% during 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 last quarter. Estabrook Capital Management acquired a new position in shares of Marathon Digital in the second quarter valued at about $31,000. Salomon & Ludwin LLC purchased a new position in shares of Marathon Digital in the third quarter worth about $47,000. Finally, IFP Advisors Inc raised its stake in shares of Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock worth $40,000 after purchasing an additional 2,001 shares during the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.