Marathon Digital (NASDAQ:MARA) Shares Down 5.2% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was down 5.2% during mid-day trading on Wednesday . The company traded as low as $10.99 and last traded at $11.22. Approximately 41,634,869 shares were traded during trading, a decline of 10% from the average daily volume of 46,378,500 shares. The stock had previously closed at $11.83.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of Marathon Digital from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Thursday, August 13th. Cantor Fitzgerald cut their price target on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Rosenblatt Securities reissued a “buy” rating and set a $15.00 price objective on shares of Marathon Digital in a report on Friday, August 7th. Weiss Ratings raised Marathon Digital from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday. Finally, BTIG Research restated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Monday, June 1st. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.78.

Marathon Digital Stock Performance

The company has a 50-day simple moving average of $11.92 and a two-hundred day simple moving average of $11.04. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The firm has a market cap of $4.33 billion, a PE ratio of -1.22 and a beta of 5.40.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($1.77). The business had revenue of $174.88 million for the quarter, compared to analysts’ expectations of $209.44 million. Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.84 earnings per share. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.24 earnings per share for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $147,360.00. Following the transaction, the chief financial officer directly owned 377,066 shares in the company, valued at $3,472,777.86. The trade was a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. This represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 109,386 shares of company stock worth $1,332,889. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new stake in Marathon Digital in the 1st quarter worth about $28,000. Bogart Wealth LLC lifted its holdings in Marathon Digital by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Marathon Digital during the fourth quarter worth about $36,000. Hantz Financial Services Inc. increased its stake in shares of Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after purchasing an additional 3,893 shares in the last quarter. Finally, CoreCap Advisors LLC raised its position in shares of Marathon Digital by 128.0% in the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 2,050 shares during the period. Hedge funds and other 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.