Marathon Digital (NASDAQ:MARA) Shares Up 5.7% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 5.7% during trading on Monday . The stock traded as high as $9.81 and last traded at $9.72. 54,592,544 shares traded hands during trading, an increase of 20% from the average daily volume of 45,579,090 shares. The stock had previously closed at $9.20.

Analyst Ratings Changes

A number of research firms have weighed in on MARA. BTIG Research reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Monday, June 1st. Cantor Fitzgerald dropped their price target on shares of Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Citizens Jmp began coverage on shares of Marathon Digital in a report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target on the stock. Piper Sandler reduced their price objective on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price objective on shares of Marathon Digital in a research note on Friday, August 7th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.78.

Marathon Digital Stock Performance

The firm has a market cap of $3.46 billion, a PE ratio of -0.98 and a beta of 5.40. The business has a 50 day simple moving average of $12.21 and a two-hundred day simple moving average of $10.98. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). The company had revenue of $174.88 million for the quarter, compared to analysts’ expectations of $209.44 million. Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The firm’s revenue for the quarter was down 26.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 earnings per share. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the transaction, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at approximately $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $228,000.00. Following the sale, the chief financial officer directly owned 409,066 shares of the company’s stock, valued at $5,829,190.50. This represents a 3.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 57,505 shares of company stock valued at $831,696 in the last quarter. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Danske Bank A S purchased a new stake in shares of Marathon Digital in the 3rd quarter worth $55,000. Ascentis Independent Advisors bought a new position in shares of Marathon Digital during the 1st quarter worth $28,000. CoreCap Advisors LLC increased its stake in shares of Marathon Digital by 128.0% during the second quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after buying an additional 2,050 shares during the period. Eurizon Capital SGR S.p.A. purchased a new position in shares of Marathon Digital during the fourth quarter valued at $36,000. Finally, Bogart Wealth LLC raised its holdings in shares of Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.