Marathon Digital (NASDAQ:MARA) Trading Up 5.3% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded up 5.3% on Monday . The stock traded as high as $9.25 and last traded at $8.91. 46,805,084 shares were traded during trading, a decline of 1% from the average session volume of 47,074,199 shares. The stock had previously closed at $8.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MARA shares. Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Piper Sandler reduced their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. 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 report on Friday, February 27th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Finally, Morgan Stanley assumed coverage on shares of Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Performance

The firm has a 50-day simple moving average of $8.95 and a two-hundred day simple moving average of $12.64. 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 $3.15 billion, a price-to-earnings ratio of -2.09 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The firm had revenue of $202.31 million during the quarter, compared to the consensus estimate of $250.74 million. During the same period in the previous year, the firm posted $1.24 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share 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, March 17th. The shares were sold at an average price of $9.18, for a total value of $146,880.00. Following the completion of the sale, the chief financial officer directly owned 343,165 shares in the company, valued at approximately $3,150,254.70. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the completion of the sale, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. This represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 114,515 shares of company stock worth $1,029,678. 0.80% of the stock is currently owned by company insiders.

Institutional Trading of Marathon Digital

Several large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC bought a new stake in shares of Marathon Digital during the 4th quarter worth about $5,220,000. Tobam raised its stake in shares of Marathon Digital by 3.6% in the 4th quarter. Tobam now owns 58,338 shares of the business services provider’s stock valued at $524,000 after acquiring an additional 2,045 shares in the last quarter. Alpine Global Management LLC lifted its holdings in Marathon Digital by 208,433.3% in the 4th quarter. Alpine Global Management LLC now owns 18,768 shares of the business services provider’s stock worth $169,000 after purchasing an additional 18,759 shares during the last quarter. Vident Advisory LLC lifted its holdings in Marathon Digital by 71.0% in the 4th quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock worth $15,209,000 after purchasing an additional 703,262 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Marathon Digital by 29.3% during the fourth quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock worth $419,000 after purchasing an additional 10,194 shares during the period. Institutional investors own 44.53% of the company’s stock.

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.