Marathon Digital (NASDAQ:MARA) Trading 5.7% Higher – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 5.7% during trading on Monday . The stock traded as high as $9.84 and last traded at $9.45. Approximately 69,979,331 shares were traded during mid-day trading, an increase of 48% from the average daily volume of 47,273,281 shares. The stock had previously closed at $8.94.

Analyst Ratings Changes

Several brokerages have recently issued reports on MARA. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday. Rosenblatt Securities reduced their price objective on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Weiss Ratings upgraded Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday. Finally, Piper Sandler cut their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Marathon Digital Stock Performance

The stock has a market capitalization of $3.57 billion, a P/E ratio of -2.39 and a beta of 5.56. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $9.33 and a two-hundred day moving average price of $13.46.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($4.29). The firm had revenue of $202.31 million during the quarter, compared to analysts’ expectations of $250.74 million. Marathon Digital had a negative return on equity of 17.88% and a negative net margin of 144.58%.The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 earnings per share. Equities analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total transaction of $122,560.00. Following the completion of the sale, the chief financial officer owned 359,165 shares in the company, valued at approximately $2,751,203.90. This trade represents a 4.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total value of $210,688.30. Following the transaction, the chief executive officer directly owned 3,381,861 shares of the company’s stock, valued at $25,905,055.26. The trade was a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 133,247 shares of company stock valued at $1,325,255 in the last three months. 0.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently made changes to their positions in MARA. Integrated Wealth Concepts LLC lifted its holdings in shares of Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares during the last quarter. NewEdge Advisors LLC raised its position in Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association lifted its stake in Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after purchasing an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Marathon Digital by 11.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after purchasing an additional 63,903 shares during the last quarter. Finally, AlphaQuest LLC boosted its holdings in shares of Marathon Digital by 16.9% in the 2nd quarter. AlphaQuest LLC now owns 8,913 shares of the business services provider’s stock worth $140,000 after purchasing an additional 1,289 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.