Marathon Digital (NASDAQ:MARA) Stock Price Down 0.8% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 0.8% during trading on Thursday . The stock traded as low as $15.08 and last traded at $15.32. Approximately 6,460,619 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 54,059,023 shares. The stock had previously closed at $15.44.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MARA shares. Macquarie started coverage on shares of Marathon Digital in a research report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price target for the company. B. Riley raised their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Thursday. Cantor Fitzgerald started coverage on Marathon Digital in a research note on Thursday. They issued an “overweight” rating and a $21.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Marathon Digital currently has an average rating of “Hold” and an average target price of $19.79.

Marathon Digital Trading Up 5.6 %

The stock has a market cap of $4.74 billion, a P/E ratio of 10.31 and a beta of 5.50. The stock’s 50-day moving average is $16.11 and its two-hundred day moving average is $18.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share 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 5.15%. The firm had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same quarter in the previous year, the business earned ($0.13) EPS. The company’s revenue for the quarter was up 77.5% on a year-over-year basis. Equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

Insider Transactions at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $15.70, for a total value of $262,190.00. Following the sale, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the transaction, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $15.70, for a total value of $431,938.40. Following the completion of the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,212 shares of company stock valued at $726,178 in the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of Marathon Digital during the 4th quarter worth about $1,629,000. American International Group Inc. grew its stake in shares of Marathon Digital by 24.0% during the fourth quarter. American International Group Inc. now owns 105,896 shares of the business services provider’s stock valued at $2,487,000 after buying an additional 20,472 shares during the last quarter. Vima LLC purchased a new stake in shares of Marathon Digital in the fourth quarter worth approximately $949,000. Vanguard Group Inc. lifted its stake in shares of Marathon Digital by 26.7% during the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after acquiring an additional 4,950,392 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Marathon Digital by 91.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 52,624 shares of the business services provider’s stock valued at $1,188,000 after acquiring an additional 25,205 shares during the period. Institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.