Marathon Digital (NASDAQ:MARA) Shares Down 7.2%


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Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 7.2% during trading on Thursday . The stock traded as low as $38.75 and last traded at $39.88. Approximately 514,042 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 32,736,365 shares. The stock had previously closed at $42.97.

MARA has been the subject of several analyst reports. HC Wainwright raised their price objective on shares of Marathon Digital from $30.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, March 17th. Zacks Investment Research raised shares of Marathon Digital from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, March 9th.

The company’s fifty day simple moving average is $40.69 and its 200 day simple moving average is $19.53. The stock has a market capitalization of $3.85 billion, a P/E ratio of -82.83 and a beta of 4.33.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Monday, March 15th. The business services provider reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.07). Marathon Digital had a negative net margin of 319.69% and a negative return on equity of 48.25%. The firm had revenue of $2.64 million during the quarter, compared to the consensus estimate of $2.60 million. As a group, equities analysts anticipate that Marathon Digital Holdings, Inc. will post -0.19 EPS for the current year.

In other news, Director Michael Carroll Berg sold 10,000 shares of the firm’s stock in a transaction on Friday, February 12th. The shares were sold at an average price of $39.56, for a total transaction of $395,600.00. Following the sale, the director now owns 18,731 shares in the company, valued at approximately $740,998.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO James Crawford sold 25,000 shares of the firm’s stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $43.10, for a total transaction of $1,077,500.00. Following the sale, the chief operating officer now owns 124,245 shares in the company, valued at approximately $5,354,959.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 780,000 shares of company stock valued at $37,720,800. Insiders own 2.13% of the company’s stock.

Large investors have recently modified their holdings of the stock. Koshinski Asset Management Inc. purchased a new position in Marathon Digital in the 4th quarter worth $466,000. One68 Global Capital LLC purchased a new position in Marathon Digital in the 4th quarter worth $146,000. SVA Wealth Management LLC purchased a new position in Marathon Digital in the 4th quarter worth $164,000. BlackRock Inc. raised its position in Marathon Digital by 267,807.0% in the 4th quarter. BlackRock Inc. now owns 809,079 shares of the business services provider’s stock worth $8,446,000 after purchasing an additional 808,777 shares during the period. Finally, LPL Financial LLC purchased a new position in Marathon Digital in the 4th quarter worth $602,000. Institutional investors own 3.99% of the company’s stock.

About Marathon Digital (NASDAQ:MARA)

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021.

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