Marathon Digital (NASDAQ:MARA) Shares Down 7.1% Following Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 7.1% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $9.92 and last traded at $9.93. Approximately 45,966,274 shares changed hands during trading, a decline of 1% from the average daily volume of 46,214,703 shares. The stock had previously closed at $10.69.

Specifically, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the sale, the chief financial officer owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

MARA has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a report on Monday. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Monday, November 24th. Guggenheim started coverage on shares of Marathon Digital in a research report on Tuesday, October 21st. They set a “neutral” rating for the company. Rosenblatt Securities dropped their target price on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. decreased their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Marathon Digital currently has an average rating of “Moderate Buy” and an average target price of $23.56.

Marathon Digital Trading Up 5.1%

The firm has a fifty day simple moving average of $14.64 and a 200-day simple moving average of $16.01. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market cap of $3.85 billion, a P/E ratio of 5.66 and a beta of 5.42.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. The business had revenue of $252.41 million for the quarter, compared to the consensus estimate of $254.58 million. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently made changes to their positions in MARA. Hollencrest Capital Management boosted its stake in 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 valued at $25,000 after purchasing an additional 1,300 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Marathon Digital by 59.9% in the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock worth $29,000 after purchasing an additional 683 shares during the last quarter. Estabrook Capital Management bought a new position in shares of Marathon Digital in the second quarter valued at approximately $31,000. Bessemer Group Inc. boosted its position in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after buying an additional 659 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Marathon Digital by 375.4% during the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after buying an additional 2,001 shares during the last quarter. 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.