Marathon Digital (NASDAQ:MARA) Shares Gap Up – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped up prior to trading on Tuesday . The stock had previously closed at $9.56, but opened at $10.10. Marathon Digital shares last traded at $9.7520, with a volume of 6,953,444 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MARA. Citizens Jmp assumed coverage on Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target for the company. Rosenblatt Securities restated a “buy” rating and issued a $15.00 target price on shares of Marathon Digital in a report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Marathon Digital in a report on Friday. Morgan Stanley dropped their target price on shares of Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Finally, Cantor Fitzgerald decreased their price target on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Marathon Digital presently has an average rating of “Moderate Buy” and a consensus price target of $18.72.

Marathon Digital Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. The company’s 50-day moving average is $12.71 and its two-hundred day moving average is $11.02. The stock has a market capitalization of $3.76 billion, a P/E ratio of -1.06 and a beta of 5.40.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). The business had revenue of $174.88 million during the quarter, compared to the consensus estimate of $209.44 million. Marathon Digital had a negative return on equity of 26.05% and a negative net margin of 429.71%.The business’s quarterly revenue was down 26.7% compared to the same quarter last year. During the same period last year, the company earned $1.84 earnings per share. As a group, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -2.28 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In related news, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the sale, the director owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.00, for a total value of $192,000.00. Following the transaction, the chief financial officer directly owned 425,066 shares in the company, valued at approximately $5,100,792. This trade represents a 3.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 109,260 shares of company stock worth $1,452,756. 0.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Danske Bank A S bought a new stake in Marathon Digital in the third quarter worth approximately $55,000. Ascentis Independent Advisors acquired a new position in Marathon Digital in the 1st quarter valued at $28,000. CoreCap Advisors LLC increased its position in Marathon Digital by 128.0% in the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after buying an additional 2,050 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Marathon Digital during the fourth quarter worth approximately $36,000. Finally, Bogart Wealth LLC boosted its holdings in Marathon Digital by 4,345.1% in the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares during the period. 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.