Marathon Digital (NASDAQ:MARA) Stock Price Up 8.3% – Time to Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 8.3% during mid-day trading on Thursday . The stock traded as high as $8.77 and last traded at $8.71. 50,003,233 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 47,480,227 shares. The stock had previously closed at $8.04.

Analyst Upgrades and Downgrades

MARA has been the topic of several analyst reports. Piper Sandler lowered their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. Morgan Stanley assumed coverage on Marathon Digital in a research report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price target for the company. Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Finally, Cantor Fitzgerald decreased their target price on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Seven research 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, the stock presently has an average rating of “Hold” and a consensus target price of $20.00.

Marathon Digital Stock Performance

The stock has a market cap of $3.31 billion, a P/E ratio of -2.20 and a beta of 5.28. The firm has a 50 day moving average of $8.62 and a two-hundred day moving average of $12.34. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.27 and a current ratio of 1.27.

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

Insiders Place Their Bets

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $146,880.00. Following the sale, the chief financial officer directly owned 343,165 shares in the company, 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 SEC, which is available at the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’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 transaction, the chief executive officer owned 4,788,954 shares in the company, valued at approximately $43,962,597.72. The trade was a 0.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 114,515 shares of company stock worth $1,029,678 in the last ninety days. 0.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Hollencrest Capital Management grew its stake in shares of 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 stake 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 buying an additional 659 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital in the fourth quarter valued at $36,000. Hantz Financial Services Inc. raised its stake in Marathon Digital by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after acquiring an additional 3,893 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new position in shares of Marathon Digital during the third quarter valued at $47,000. Institutional investors and hedge funds 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.