Marathon Digital (NASDAQ:MARA) Trading 7.8% Higher – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded up 7.8% during mid-day trading on Monday . The company traded as high as $17.45 and last traded at $17.33. 22,886,904 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 53,885,813 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MARA shares. B. Riley boosted their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Thursday. Cantor Fitzgerald initiated coverage on Marathon Digital in a research report on Thursday. They issued an “overweight” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, August 23rd. Finally, Macquarie assumed coverage on shares of Marathon Digital in a research report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.79.

Marathon Digital Price Performance

The company’s 50-day moving average is $16.11 and its 200-day moving average is $18.46. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 8.06 and a beta of 5.50.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The firm’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.13) EPS. Equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the sale, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the transaction, the chief executive officer now directly owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the sale, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,212 shares of company stock worth $726,178 in the last three months. Insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in MARA. Rhumbline Advisers grew its stake in shares of Marathon Digital by 126.5% during the second quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock worth $15,615,000 after purchasing an additional 439,309 shares during the period. Thrivent Financial for Lutherans acquired a new position in shares of Marathon Digital during the 2nd quarter worth about $4,498,000. Public Sector Pension Investment Board bought a new stake in shares of Marathon Digital in the 2nd quarter valued at about $11,920,000. Second Line Capital LLC acquired a new stake in shares of Marathon Digital in the 2nd quarter valued at approximately $4,060,000. Finally, American International Group Inc. boosted its stake in Marathon Digital by 4.3% during the 1st quarter. American International Group Inc. now owns 110,489 shares of the business services provider’s stock worth $2,495,000 after acquiring an additional 4,593 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

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.