Marathon Digital (NASDAQ:MARA) Trading Down 1% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 1% on Monday . The stock traded as low as $9.37 and last traded at $9.49. 29,192,614 shares were traded during mid-day trading, a decline of 36% from the average session volume of 45,898,988 shares. The stock had previously closed at $9.59.

Analysts Set New Price Targets

Several brokerages have commented on MARA. Rosenblatt Securities decreased their price objective 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 22nd. Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Finally, BTIG Research reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.56.

Marathon Digital Price Performance

The stock has a market capitalization of $3.59 billion, a PE ratio of 5.27 and a beta of 5.42. 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’s fifty day moving average is $13.53 and its 200-day moving average is $15.80.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share 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 during the quarter, compared to analyst estimates of $254.58 million. As a group, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $10.77, for a total transaction of $296,228.85. Following the completion of the transaction, the chief executive officer directly owned 3,555,489 shares of the company’s stock, valued at $38,292,616.53. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the transaction, the chief financial officer owned 283,298 shares in the company, valued at $3,396,743.02. This trade represents a 10.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 218,711 shares of company stock valued at $3,286,669. 0.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares in the last quarter. State Street Corp raised its stake in Marathon Digital by 1.4% in the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares during the last quarter. UBS Group AG lifted its holdings in Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares in the last quarter. Geode Capital Management LLC boosted its stake in Marathon Digital by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock worth $144,669,000 after purchasing an additional 315,499 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Marathon Digital by 7.8% during the second quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock worth $106,329,000 after buying an additional 491,245 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.