Marathon Digital (NASDAQ:MARA) Shares Down 2.7% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 2.7% during mid-day trading on Monday . The company traded as low as $7.64 and last traded at $7.80. Approximately 35,712,052 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 47,669,480 shares. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

MARA has been the topic of a number of recent analyst reports. Piper Sandler dropped their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Cantor Fitzgerald dropped their target price on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Finally, Morgan Stanley began coverage on Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 price target for the company. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.00.

Marathon Digital Price Performance

The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -2.03 and a beta of 5.51. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. The stock has a fifty day moving average of $8.67 and a 200-day moving average of $12.37.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. During the same period in the previous year, the business posted $1.24 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, equities research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at approximately $43,962,597.72. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $146,880.00. Following the sale, the chief financial officer owned 343,165 shares in the company, valued at $3,150,254.70. This trade represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 114,515 shares of company stock valued at $1,029,678. 0.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG lifted its stake in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Marex Group plc acquired a new position in shares of Marathon Digital in the 2nd quarter valued at $84,301,000. Voloridge Investment Management LLC purchased a new stake in Marathon Digital in the 3rd quarter valued at $93,066,000. Norges Bank purchased a new stake in Marathon Digital in the 4th quarter valued at $39,492,000. Finally, Vanguard Group Inc. boosted its stake in Marathon Digital by 9.8% during the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.