Marathon Digital (NASDAQ:MARA) Trading Down 5.6% – Time to Sell?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 5.6% on Thursday . The stock traded as low as $8.50 and last traded at $8.77. 49,360,963 shares were traded during trading, an increase of 4% from the average session volume of 47,684,414 shares. The stock had previously closed at $9.29.

Analysts Set New Price Targets

Several brokerages recently issued reports on MARA. Morgan Stanley started coverage on Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price target for the company. Cantor Fitzgerald dropped their target price on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Rosenblatt Securities dropped their price target 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. Finally, Weiss Ratings raised shares of Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Marathon Digital Price Performance

The business’s 50-day simple moving average is $9.28 and its 200 day simple moving average is $13.34. The company has a market capitalization of $3.33 billion, a P/E ratio of -2.21 and a beta of 5.51. The company has a current ratio of 1.27, a quick ratio of 2.09 and a debt-to-equity ratio of 0.92.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). The company had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. Marathon Digital’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.24 EPS. As a group, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently made changes to their positions in the business. UBS Group AG raised its position in shares of 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 acquired a new stake in shares of Marathon Digital during the 2nd quarter valued at $84,301,000. Voloridge Investment Management LLC purchased a new position in shares of Marathon Digital during the 3rd quarter valued at $93,066,000. Norges Bank acquired a new position in shares of Marathon Digital in the fourth quarter worth $39,492,000. Finally, Vanguard Group Inc. raised its holdings in shares of 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 acquiring an additional 4,049,979 shares in the last quarter. Institutional investors and hedge funds 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.