Marathon Digital (NASDAQ:MARA) Stock Price Down 2.1% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 2.1% during trading on Friday . The stock traded as low as $10.07 and last traded at $10.22. 32,041,106 shares traded hands during trading, a decline of 11% from the average session volume of 35,833,332 shares. The stock had previously closed at $10.44.

Analyst Ratings Changes

Several research firms have issued reports on MARA. Macquarie raised their price target on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. decreased their target price on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Cantor Fitzgerald lowered their price target on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday, December 29th. Finally, Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.56.

Marathon Digital Stock Performance

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 firm has a 50 day moving average price of $11.65 and a two-hundred day moving average price of $15.45. The company has a market capitalization of $3.86 billion, a P/E ratio of 5.68 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last announced 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). Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. The company had revenue of $252.41 million during the quarter, compared to analyst estimates of $254.58 million. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Transactions at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the sale, the chief financial officer directly owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Zabi Nowaid sold 25,113 shares of Marathon Digital stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $15.87, for a total transaction 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. This trade represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 217,711 shares of company stock valued at $3,265,959. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management raised 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 valued at $25,000 after buying an additional 1,300 shares during the last quarter. Fifth Third Bancorp increased its position 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 in the last quarter. Estabrook Capital Management bought a new position in shares of Marathon Digital in the second quarter worth about $31,000. Bessemer Group Inc. lifted its position in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Marathon Digital by 375.4% during 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 in the last quarter. 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.