Maryland State Retirement & Pension System Cuts Stock Position in Marathon Digital Holdings, Inc. $MARA

Maryland State Retirement & Pension System decreased its position in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 48.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,258 shares of the business services provider’s stock after selling 50,168 shares during the period. Maryland State Retirement & Pension System’s holdings in Marathon Digital were worth $972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp increased its position in shares of Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after purchasing an additional 191,380 shares in the last quarter. Geode Capital Management LLC grew its stake in Marathon Digital by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock worth $144,669,000 after buying an additional 315,499 shares during the last quarter. American Century Companies Inc. increased its position in Marathon Digital by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock valued at $106,329,000 after buying an additional 491,245 shares in the last quarter. Marex Group plc purchased a new stake in Marathon Digital in the second quarter valued at about $84,301,000. Finally, Norges Bank purchased a new stake in Marathon Digital in the second quarter valued at about $59,255,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Marathon Digital

In related news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the transaction, the chief financial officer directly owned 283,298 shares in the company, valued at approximately $3,396,743.02. This trade represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. This represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 155,474 shares of company stock worth $1,937,880. Insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, November 24th. Macquarie lifted their target price on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Piper Sandler lowered their price objective on shares of 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, Rosenblatt Securities cut their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Marathon Digital has an average rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Stock Up 1.8%

MARA stock opened at $10.56 on Thursday. The company has a market capitalization of $3.99 billion, a P/E ratio of 5.87 and a beta of 5.34. Marathon Digital Holdings, Inc. has a 12 month low of $8.95 and a 12 month high of $23.45. The firm’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $15.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

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.