Marathon Digital (NASDAQ:MARA) Trading Down 4.5% – Time to Sell?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 4.5% on Thursday . The company traded as low as $9.17 and last traded at $9.21. Approximately 32,650,439 shares changed hands during trading, a decline of 28% from the average daily volume of 45,590,855 shares. The stock had previously closed at $9.64.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MARA shares. BTIG Research reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Monday, June 1st. Citizens Jmp initiated coverage on Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Marathon Digital in a report on Friday, August 7th. Morgan Stanley increased their price target on shares of Marathon Digital from $5.50 to $6.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and set a $15.00 price target on shares of Marathon Digital in a report on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.78.

Marathon Digital Trading Down 0.1%

The company’s 50 day moving average price is $12.37 and its 200 day moving average price is $10.99. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -1.00 and a beta of 5.40. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.89 and a current ratio of 0.89.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business had revenue of $174.88 million for the quarter, compared to the consensus estimate of $209.44 million. During the same quarter in the prior year, the business posted $1.84 EPS. The firm’s revenue for the quarter was down 26.7% compared to the same quarter last year. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -2.28 EPS for the current year.

Insider Buying and Selling

In other Marathon Digital news, General Counsel Zabi Nowaid sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total transaction of $99,750.00. Following the completion of the sale, the general counsel owned 963,768 shares of the company’s stock, valued at $13,733,694. This represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director owned 231,618 shares in the company, valued at $3,705,888. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 109,260 shares of company stock valued at $1,452,756 in the last quarter. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

Hedge funds have recently added to or reduced their stakes in the business. CI Investments Inc. lifted its holdings in shares of Marathon Digital by 7.6% during the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock worth $110,000 after buying an additional 957 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in shares of Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares during the last quarter. Evexia Wealth LLC increased its position in Marathon Digital by 9.2% during the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock worth $106,000 after acquiring an additional 1,090 shares during the period. Sigma Planning Corp increased its position in Marathon Digital by 12.4% during the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock worth $107,000 after acquiring an additional 1,320 shares during the period. Finally, Osaic Holdings Inc. raised its stake in Marathon Digital by 38.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,340 shares during the last quarter. 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.