Marathon Digital (NASDAQ:MARA) Trading Down 4.9% – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 4.9% during trading on Thursday . The company traded as low as $9.60 and last traded at $9.86. Approximately 38,996,188 shares were traded during trading, a decline of 6% from the average daily volume of 41,297,180 shares. The stock had previously closed at $10.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Macquarie raised their price target on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Rosenblatt Securities reduced their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.44.

Marathon Digital Stock Performance

The business has a 50-day moving average of $10.68 and a two-hundred day moving average of $14.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market cap of $3.73 billion, a P/E ratio of 5.48 and a beta of 5.34.

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

Insider Buying and Selling at Marathon Digital

In other news, CFO Salman Hassan Khan sold 34,732 shares of the firm’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 completion of the sale, the chief financial officer owned 248,566 shares of the company’s stock, valued at $2,853,537.68. This trade represents a 12.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s 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 transaction, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 182,979 shares of company stock worth $2,234,934 over the last three months. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in shares of Marathon Digital by 8.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after acquiring an additional 177,771 shares during the period. Emerald Advisers LLC boosted its position in Marathon Digital by 77.4% during the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after purchasing an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust grew its holdings in Marathon Digital by 91.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after purchasing an additional 165,688 shares during the period. Mizuho Markets Americas LLC purchased a new stake in shares of Marathon Digital in the third quarter valued at approximately $5,438,000. Finally, New York State Teachers Retirement System increased its position in shares of Marathon Digital by 12.0% in the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock valued at $4,997,000 after buying an additional 34,100 shares in the last quarter. 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.