Marathon Digital (NASDAQ:MARA) Trading 6% Higher – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 6% during trading on Wednesday . The company traded as high as $9.77 and last traded at $9.50. Approximately 49,490,010 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 47,274,938 shares. The stock had previously closed at $8.96.

Analyst Ratings Changes

A number of equities analysts have recently commented on MARA shares. Weiss Ratings cut Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Piper Sandler dropped their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Morgan Stanley started coverage on Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price for the company. Cantor Fitzgerald dropped their target price on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Marathon Digital Trading Up 6.0%

The stock has a fifty day moving average of $8.49 and a 200-day 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. The company has a market cap of $3.61 billion, a PE ratio of -2.40 and a beta of 5.29.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data 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 net margin of 144.58% and a negative return on equity of 19.01%. The business had revenue of $202.31 million for the quarter, compared to analysts’ expectations of $250.74 million. During the same quarter in the previous year, the firm earned $1.24 EPS. Marathon Digital’s revenue was down 5.6% compared to the same quarter last year. Sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $146,880.00. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $252,495.90. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 114,515 shares of company stock valued at $1,029,678. 0.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC bought a new stake in Marathon Digital during the 4th quarter valued at $5,220,000. Tobam raised its position in Marathon Digital by 3.6% during the 4th quarter. Tobam now owns 58,338 shares of the business services provider’s stock valued at $524,000 after purchasing an additional 2,045 shares in the last quarter. Alpine Global Management LLC raised its position in shares of Marathon Digital by 208,433.3% in the 4th quarter. Alpine Global Management LLC now owns 18,768 shares of the business services provider’s stock worth $169,000 after acquiring an additional 18,759 shares in the last quarter. Vident Advisory LLC raised its position in shares of Marathon Digital by 71.0% in the 4th quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock worth $15,209,000 after acquiring an additional 703,262 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Marathon Digital by 29.3% in the 4th quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock worth $419,000 after acquiring an additional 10,194 shares in the last quarter. 44.53% of the stock is owned by 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.