Marathon Digital (NASDAQ:MARA) Stock Price Up 4.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 4.2% during mid-day trading on Thursday . The company traded as high as $13.70 and last traded at $13.29. Approximately 51,048,428 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 46,879,781 shares. The stock had previously closed at $12.75.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MARA. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Cantor Fitzgerald lowered their target price on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Rosenblatt Securities upped their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Morgan Stanley began coverage on shares of Marathon Digital in a research note on Monday, February 9th. They set an “underweight” rating and a $8.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Marathon Digital presently has a consensus rating of “Hold” and an average target price of $18.50.

Marathon Digital Stock Down 6.4%

The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 0.99. The firm has a market cap of $4.74 billion, a P/E ratio of -2.17 and a beta of 5.41. The company’s 50 day simple moving average is $10.17 and its 200-day simple moving average is $10.70.

Marathon Digital (NASDAQ:MARA) last released 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 234.83% and a negative return on equity of 23.20%. The business had revenue of $202.31 million for the quarter, compared to analysts’ expectations of $250.74 million. During the same period in the previous year, the company earned $1.24 EPS. Marathon Digital’s revenue for the quarter was down 5.6% compared to the same quarter last year. Research analysts forecast that Marathon Digital Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the sale, the general counsel owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This represents a 4.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the sale, the chief financial officer directly owned 441,066 shares of the company’s stock, valued at $5,151,650.88. The trade was a 3.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 172,605 shares of company stock valued at $1,745,843 in the last quarter. 0.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management increased its position in shares of Marathon Digital by 2,407.4% during 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. Bessemer Group Inc. increased its holdings in Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after acquiring an additional 659 shares in the last quarter. Danske Bank A S purchased a new stake in Marathon Digital in the 3rd quarter worth approximately $55,000. Ascentis Independent Advisors purchased a new stake in Marathon Digital in the 1st quarter worth approximately $28,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Marathon Digital in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors 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.