Marathon Digital (NASDAQ:MARA) Stock Price Up 2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price rose 2% during trading on Friday . The company traded as high as $10.99 and last traded at $10.50. Approximately 46,700,680 shares traded hands during mid-day trading, an increase of 11% from the average daily volume of 42,041,258 shares. The stock had previously closed at $10.29.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MARA. Piper Sandler decreased their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Rosenblatt Securities decreased their price target on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Macquarie upped their price objective on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, November 24th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.44.

Marathon Digital Trading Up 2.0%

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $3.97 billion, a PE ratio of 5.83 and a beta of 5.34. The business’s 50-day moving average is $10.75 and its two-hundred day moving average is $15.06.

Marathon Digital (NASDAQ:MARA) last posted its 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 negative return on equity of 2.59% and a net margin of 100.82%.The firm had revenue of $252.41 million for the quarter, compared to analyst estimates of $254.58 million. On average, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $11.99, for a total value of $416,436.68. Following the completion of the sale, the chief financial officer owned 283,298 shares in the company, valued at approximately $3,396,743.02. The trade was a 10.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total transaction of $398,543.31. Following the transaction, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 182,979 shares of company stock valued at $2,234,934 over the last quarter. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC increased its position in Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after purchasing an additional 991 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after buying an additional 3,032 shares in the last quarter. United Services Automobile Association grew its holdings in Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Marathon Digital by 11.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after acquiring an additional 63,903 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Marathon Digital by 37.1% in the second quarter. GAMMA Investing LLC now owns 12,372 shares of the business services provider’s stock valued at $194,000 after acquiring an additional 3,348 shares during the period. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.