Marathon Digital (NASDAQ:MARA) Trading Up 8.1% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 8.1% on Monday . The stock traded as high as $8.74 and last traded at $8.66. Approximately 42,070,687 shares were traded during trading, a decline of 11% from the average daily volume of 47,290,145 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

MARA has been the topic of a number of recent research reports. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Morgan Stanley initiated coverage on Marathon Digital in a research report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective on the stock. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Finally, Cantor Fitzgerald decreased their price objective on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.00.

Marathon Digital Stock Down 0.2%

The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -2.16 and a beta of 5.51. The business’s 50 day moving average is $9.19 and its 200-day moving average is $13.12. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.27 and a current ratio of 1.27.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data 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). The firm had revenue of $202.31 million for the quarter, compared to analysts’ expectations of $250.74 million. Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.Marathon Digital’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 earnings per share. On average, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the transaction, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the sale, the chief financial officer directly owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 133,247 shares of company stock worth $1,325,255. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management raised its holdings 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 worth $25,000 after acquiring an additional 1,300 shares during the period. Bessemer Group Inc. grew its holdings in shares of Marathon Digital by 56.8% in the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 659 shares during the period. Estabrook Capital Management acquired a new stake in Marathon Digital during the second quarter worth about $31,000. Salomon & Ludwin LLC purchased a new position in Marathon Digital during the third quarter worth about $47,000. Finally, Danske Bank A S purchased a new position in Marathon Digital during the third quarter worth about $55,000. Institutional investors and hedge funds 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.