Marathon Digital (NASDAQ:MARA) Trading Up 3.5% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 3.5% on Monday . The company traded as high as $13.80 and last traded at $13.39. Approximately 48,386,889 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 46,966,762 shares. The stock had previously closed at $12.94.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MARA shares. Morgan Stanley initiated coverage on shares of Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Cantor Fitzgerald reduced their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Piper Sandler reduced their price objective 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. Finally, Rosenblatt Securities upped their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Seven investment 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. Based on data from MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $18.22.

Marathon Digital Stock Up 3.5%

The stock’s 50-day simple moving average is $9.69 and its 200-day simple moving average is $10.93. The firm has a market capitalization of $5.10 billion, a P/E ratio of -3.38 and a beta of 5.41. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.92.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Monday, May 11th. The business services provider reported ($3.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($2.81). Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The company had revenue of $174.61 million for the quarter, compared to the consensus estimate of $181.90 million. As a group, research analysts predict that Marathon Digital Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Zabi Nowaid sold 42,090 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the transaction, the general counsel directly owned 1,007,047 shares of the company’s stock, valued at $12,084,564. This represents a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the transaction, the chief financial officer directly owned 441,066 shares of the company’s stock, valued at $5,151,650.88. This represents a 3.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 172,605 shares of company stock valued at $1,745,843 in the last three months. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management grew its stake in Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after buying an additional 1,300 shares in the last quarter. Ascentis Independent Advisors bought a new stake in Marathon Digital during the 1st quarter valued at $28,000. Bessemer Group Inc. raised its holdings in Marathon Digital by 56.8% during the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares during the period. Bogart Wealth LLC raised its holdings in Marathon Digital by 4,345.1% during the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 3,954 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Marathon Digital during the 4th quarter valued at $36,000. 44.53% of the stock is owned by institutional investors.

Marathon Digital Company Profile

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.