Marathon Digital (NASDAQ:MARA) Trading Down 6.7% – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 6.7% during trading on Tuesday . The company traded as low as $16.54 and last traded at $16.62. Approximately 50,721,827 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 46,381,820 shares. The stock had previously closed at $17.81.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MARA shares. Compass Point initiated coverage on shares of Marathon Digital in a research note on Monday, September 15th. They set a “neutral” rating and a $18.00 price objective on the stock. Piper Sandler lifted their price objective on shares of Marathon Digital from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. JPMorgan Chase & Co. lowered their price objective on shares of Marathon Digital from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday, September 26th. Guggenheim initiated coverage on Marathon Digital in a research note on Tuesday, October 21st. They set a “neutral” rating for the company. Finally, Macquarie lifted their price target on Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Marathon Digital Price Performance

The stock has a market cap of $6.16 billion, a P/E ratio of 14.97 and a beta of 6.33. The company’s 50 day moving average price is $18.05 and its 200-day moving average price is $16.60. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.47.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.03. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Transactions at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $19.57, for a total transaction of $538,272.85. Following the completion of the transaction, the chief executive officer owned 3,718,700 shares in the company, valued at approximately $72,774,959. This trade represents a 0.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $16.24, for a total transaction of $564,047.68. Following the completion of the sale, the chief financial officer directly owned 318,428 shares in the company, valued at approximately $5,171,270.72. This represents a 9.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 204,598 shares of company stock worth $3,616,374 over the last ninety days. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently bought and sold shares of MARA. Mirae Asset Global Investments Co. Ltd. lifted its stake in Marathon Digital by 1,521.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,823 shares of the business services provider’s stock valued at $147,000 after buying an additional 12,032 shares during the period. KBC Group NV increased its stake in shares of Marathon Digital by 19.3% in the 1st quarter. KBC Group NV now owns 13,725 shares of the business services provider’s stock valued at $158,000 after acquiring an additional 2,220 shares in the last quarter. Amalgamated Bank increased its stake in shares of Marathon Digital by 4.3% in the 1st quarter. Amalgamated Bank now owns 96,737 shares of the business services provider’s stock valued at $1,112,000 after acquiring an additional 3,996 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of Marathon Digital by 2.6% during the 1st quarter. New York State Teachers Retirement System now owns 284,556 shares of the business services provider’s stock valued at $3,272,000 after acquiring an additional 7,300 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in Marathon Digital during the first quarter worth $566,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

About Marathon Digital

MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.