MARA (NASDAQ:MARA) Stock Falls 5.4% – Here’s What Happened

MARA Holdings (NASDAQ:MARA) dropped 5.4% on Friday. The company traded as low as $6.45 and last traded at $6.77. Approximately 43,003,622 shares traded hands during trading, a decline of 5% from the average daily volume of 45,112,105 shares. The stock had previously closed at $7.16.

Wall Street Analyst Weigh In

MARA has been the subject of a number of recent research reports. JPMorgan Chase & Co. downgraded MARA from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $13.00 to $11.00 in a research note on Monday, September 14th. Weiss Ratings lowered MARA from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, October 23rd. Morgan Stanley set a $10.00 price objective on shares of MARA and gave the company an “underweight” rating in a report on Friday, October 9th. Rosenblatt Securities reissued a “buy” rating and set a $15.00 target price on shares of MARA in a research note on Friday, August 7th. Finally, Cantor Fitzgerald dropped their price target on shares of MARA from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, MARA has a consensus rating of “Hold” and an average target price of $17.78.

MARA Trading Down 5.4%

The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -0.74 and a beta of 5.33. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day moving average is $10.37 and its 200 day moving average is $10.79.

MARA (NASDAQ:MARA) last posted its earnings results on Thursday, August 6th. The business services provider reported ($1.60) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The company had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. During the same period last year, the business earned $1.84 earnings per share. The company’s quarterly revenue was down 26.7% on a year-over-year basis. As a group, equities analysts expect that MARA Holdings will post -1.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Frederick Thiel sold 27,505 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $11.22, for a total value of $308,606.10. Following the completion of the sale, the chief executive officer directly owned 4,217,586 shares of the company’s stock, valued at $47,321,314.92. This represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,376 shares of MARA stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $12.00, for a total value of $100,512.00. Following the transaction, the general counsel directly owned 898,780 shares in the company, valued at approximately $10,785,360. This trade represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 106,891 shares of company stock valued at $1,124,731. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On MARA

A number of hedge funds have recently modified their holdings of the business. Ascentis Independent Advisors purchased a new stake in MARA during the 1st quarter valued at approximately $28,000. Bogart Wealth LLC lifted its position in MARA by 4,345.1% during the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after acquiring an additional 3,954 shares during the period. IFP Advisors Inc grew its stake in shares of MARA by 1,154.9% in the 2nd quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 2,229 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of MARA in the 3rd quarter valued at approximately $37,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of MARA by 58.2% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 4,009 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,475 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

About MARA

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset mining and energy infrastructure company. Its primary business is securing the Bitcoin network by operating specialized computing equipment that validates transactions and earns Bitcoin rewards.

The company develops and operates data centers and digital asset computing infrastructure, while also pursuing strategies to access low-cost and surplus energy. MARA has expanded its operations through a combination of owned facilities, hosting arrangements and acquisitions, with activities spanning North America and other international markets.

The company was founded in 2010 as Marathon Patent Group and later shifted its focus toward cryptocurrency mining before adopting the Marathon Digital name.