Marathon Digital (NASDAQ:MARA) Trading 3.4% Higher – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 3.4% during trading on Thursday . The stock traded as high as $9.36 and last traded at $9.22. Approximately 42,684,590 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 47,004,516 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

A number of research firms recently commented on MARA. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. JPMorgan Chase & Co. decreased their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, November 24th. 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. Finally, Morgan Stanley began coverage on Marathon Digital in a research report on Monday, February 9th. They set an “underweight” rating and a $8.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Up 3.4%

The firm’s 50-day moving average price is $9.10 and its 200 day moving average price is $12.85. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of -2.33 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly 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). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The firm had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. During the same quarter in the prior year, the business posted $1.24 EPS. The business’s revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction on 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 directly owned 359,165 shares in the company, valued at $2,751,203.90. This represents a 4.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’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 completion of the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 71,010 shares of company stock worth $630,302. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds have recently made changes to their positions in MARA. Hollencrest Capital Management lifted its stake in 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 last quarter. Estabrook Capital Management acquired a new position in shares of Marathon Digital during the second quarter worth $31,000. Bessemer Group Inc. increased its holdings 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 buying an additional 659 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Marathon Digital in the 4th quarter valued at $36,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of Marathon Digital by 344.8% in the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 3,893 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

About Marathon Digital

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.