SteelPeak Wealth LLC Sells 1,400 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA)

SteelPeak Wealth LLC cut its position in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 5.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,217 shares of the business services provider’s stock after selling 1,400 shares during the quarter. SteelPeak Wealth LLC’s holdings in Marathon Digital were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Beaird Harris Wealth Management LLC lifted its position in Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Marathon Digital during the 4th quarter valued at about $61,000. GAMMA Investing LLC bought a new stake in Marathon Digital during the fourth quarter worth about $75,000. FinTrust Capital Advisors LLC bought a new stake in Marathon Digital during the first quarter worth about $90,000. Finally, CWM LLC grew its holdings in Marathon Digital by 62.5% in the fourth quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock worth $107,000 after purchasing an additional 1,754 shares during the period. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Stock Performance

Shares of MARA opened at $15.79 on Friday. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 7.19 and a beta of 5.56. The business’s fifty day simple moving average is $19.98 and its two-hundred day simple moving average is $20.40. Marathon Digital Holdings, Inc. has a 12 month low of $7.16 and a 12 month high of $34.09. The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. During the same period in the previous year, the company earned ($0.13) earnings per share. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.11% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MARA. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Chardan Capital reduced their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, B. Riley upped their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.55.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.