Marathon Digital (NASDAQ:MARA) Trading 11.2% Higher – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price rose 11.2% during trading on Friday . The company traded as high as $7.46 and last traded at $7.4860. Approximately 10,149,302 shares traded hands during trading, a decline of 76% from the average daily volume of 42,512,078 shares. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MARA shares. Piper Sandler cut their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. JPMorgan Chase & Co. decreased their target price 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. 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. Rosenblatt Securities lowered their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Marathon Digital Stock Up 20.0%

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 business has a 50-day simple moving average of $10.43 and a two-hundred day simple moving average of $14.46. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 4.51 and a beta of 5.56.

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

Insider Transactions at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the sale, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This trade represents a 3.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $11.99, for a total value of $416,436.68. Following the transaction, the chief financial officer owned 283,298 shares in the company, valued at approximately $3,396,743.02. This represents a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 178,092 shares of company stock worth $2,153,321. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently modified their holdings of the business. UBS Group AG grew its holdings in Marathon Digital by 104.1% during the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares during the period. Marex Group plc bought a new position in shares of Marathon Digital in the second quarter worth $84,301,000. Voloridge Investment Management LLC bought a new position in Marathon Digital in the 3rd quarter valued at about $93,066,000. Vanguard Group Inc. lifted its stake in Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Marathon Digital during the 2nd quarter worth $59,255,000. 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.