Marathon Digital (NASDAQ:MARA) Stock Price Up 22.4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 22.4% during trading on Friday . The stock traded as high as $8.39 and last traded at $8.24. 81,764,811 shares changed hands during mid-day trading, an increase of 80% from the average session volume of 45,401,730 shares. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

MARA has been the subject of several analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Guggenheim initiated coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Rosenblatt Securities dropped their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Macquarie Infrastructure increased their price objective on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Stock Up 22.4%

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 stock has a market cap of $3.12 billion, a PE ratio of 4.58 and a beta of 5.56. The business has a fifty day moving average of $10.43 and a 200-day moving average of $14.46.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $254.58 million. Equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Activity at Marathon Digital

In other news, General Counsel Zabi Nowaid sold 25,113 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. The trade was a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the transaction, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 178,092 shares of company stock worth $2,153,321 over the last three months. 0.80% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

A number of hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. raised its position in shares of Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after acquiring an additional 659 shares in the last quarter. Archer Investment Corp lifted its position in shares of Marathon Digital by 10.9% during the second quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock valued at $120,000 after buying an additional 750 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Marathon Digital by 15.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock valued at $108,000 after buying an additional 799 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Marathon Digital by 3.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock worth $537,000 after buying an additional 882 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Marathon Digital by 2.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider’s stock worth $556,000 after buying an additional 934 shares during the last quarter. 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.