Marathon Digital (NASDAQ:MARA) Trading 1.6% Higher – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 1.6% during trading on Monday . The stock traded as high as $9.14 and last traded at $8.85. 36,241,567 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 47,314,355 shares. The stock had previously closed at $8.71.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Piper Sandler reduced their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Cantor Fitzgerald reduced their price objective on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Finally, Morgan Stanley began coverage on Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price for the company. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average price target of $20.00.

Marathon Digital Stock Up 6.0%

The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of -2.40 and a beta of 5.29. The business has a 50 day simple moving average of $8.49 and a 200-day simple moving average of $12.05. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.27 and a current ratio of 1.27.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million during the quarter, compared to analyst estimates of $250.74 million. During the same period last year, the business earned $1.24 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Transactions at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the completion of the sale, the chief executive officer directly owned 4,788,954 shares of the company’s stock, valued at approximately $43,962,597.72. This trade represents a 0.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $146,880.00. Following the sale, the chief financial officer directly owned 343,165 shares of the company’s stock, valued at $3,150,254.70. The trade was a 4.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 114,515 shares of company stock valued at $1,029,678 over the last three months. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently modified their holdings of MARA. Integrated Wealth Concepts LLC increased its position in shares of 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 last quarter. NewEdge Advisors LLC increased its position in shares of Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares during the last quarter. United Services Automobile Association increased its position in shares of Marathon Digital by 8.2% during the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after purchasing an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Marathon Digital by 11.0% during the 1st 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 purchasing an additional 63,903 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Marathon Digital during the 2nd quarter worth about $183,000. 44.53% of the stock is owned by institutional investors and hedge funds.

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.