Marathon Digital (NASDAQ:MARA) Trading 3.4% Higher – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 3.4% on Thursday . The company traded as high as $9.36 and last traded at $9.22. 42,684,590 shares changed hands during trading, a decline of 9% from the average session volume of 47,004,516 shares. The stock had previously closed at $8.92.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald cut their price target on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, November 24th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Finally, Piper Sandler decreased their price target 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. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Trading Up 3.4%

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -2.33 and a beta of 5.51. The firm has a 50 day moving average price of $9.10 and a two-hundred day moving average price of $12.85.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) 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 in the prior year, the firm earned $1.24 earnings per share. Marathon Digital’s revenue was down 5.6% compared to the same quarter last year. As a group, equities analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total value of $297,054.00. Following the transaction, the chief executive officer owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total transaction of $122,560.00. Following the completion of the sale, the chief financial officer directly owned 359,165 shares in the company, valued at approximately $2,751,203.90. This represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 71,010 shares of company stock worth $630,302 in the last 90 days. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

A number of large investors have recently bought and sold shares of MARA. 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 boosted its position in shares of Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock valued at $120,000 after purchasing an additional 750 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Marathon Digital by 15.9% during the third quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after purchasing an additional 799 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Marathon Digital by 3.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock worth $537,000 after purchasing an additional 882 shares during the period. Finally, Ameritas Investment Partners Inc. increased its holdings in Marathon Digital by 2.7% in the second quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider’s stock worth $556,000 after purchasing an additional 934 shares in the last quarter. 44.53% of the stock is currently 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.