Marathon Digital (NASDAQ:MARA) Shares Down 5%


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Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 5% on Wednesday . The stock traded as low as $30.78 and last traded at $31.89. Approximately 52,826 shares traded hands during trading, a decline of 100% from the average daily volume of 32,517,541 shares. The stock had previously closed at $33.57.

A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Marathon Digital from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a report on Tuesday, March 9th. HC Wainwright increased their target price 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.

The stock has a market cap of $3.07 billion, a P/E ratio of -66.09 and a beta of 4.33. The business’s fifty day moving average price is $41.22 and its 200 day moving average price is $20.58.

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

In other Marathon Digital news, Director Michael Carroll Berg sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 18,731 shares of the company’s stock, valued at approximately $740,998.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter Benz sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 18th. The shares were sold at an average price of $46.40, for a total transaction of $1,392,000.00. Following the sale, the director now directly owns 36,530 shares of the company’s stock, valued at approximately $1,694,992. The disclosure for this sale can be found here. Insiders have sold a total of 780,000 shares of company stock valued at $37,720,800 in the last three months. Insiders own 2.13% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. NEXT Financial Group Inc acquired a new stake in Marathon Digital during the 1st quarter valued at approximately $41,000. Valeo Financial Advisors LLC grew its position in shares of Marathon Digital by 19,900.0% during the 1st quarter. Valeo Financial Advisors LLC now owns 2,000 shares of the business services provider’s stock worth $96,000 after buying an additional 1,990 shares during the period. Tsfg LLC acquired a new stake in shares of Marathon Digital during the 1st quarter worth approximately $103,000. International Assets Investment Management LLC acquired a new stake in shares of Marathon Digital during the 4th quarter worth approximately $25,000. Finally, Edge Wealth Management LLC acquired a new stake in shares of Marathon Digital during the 1st quarter worth approximately $127,000. 3.99% of the stock is owned by institutional investors and hedge funds.

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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