Marathon Digital (NASDAQ:MARA) Shares Down 8.7% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 8.7% during mid-day trading on Friday . The company traded as low as $7.89 and last traded at $8.01. Approximately 36,267,209 shares changed hands during trading, a decline of 24% from the average daily volume of 47,413,066 shares. The stock had previously closed at $8.77.

Wall Street Analyst Weigh In

A number of research firms recently commented on MARA. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. JPMorgan Chase & Co. decreased their target price on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Piper Sandler cut their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Weiss Ratings upgraded shares of Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Finally, Morgan Stanley initiated coverage on shares of Marathon Digital in a research report on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.00.

Marathon Digital Stock Down 8.7%

The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 2.09. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -2.02 and a beta of 5.51. The firm has a 50 day simple moving average of $9.25 and a two-hundred day simple moving average of $13.31.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($4.29). The firm had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The firm’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.24 EPS. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. The trade was a 12.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the transaction, the chief executive officer directly owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. This trade represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 133,247 shares of company stock valued at $1,325,255 over the last quarter. 0.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Marathon Digital by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the period. State Street Corp grew its stake in Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after buying an additional 191,380 shares in the last quarter. UBS Group AG increased its holdings in Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the period. Marex Group plc raised its position in shares of Marathon Digital by 2.6% in the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after buying an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Marathon Digital by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock worth $89,434,000 after acquiring an additional 251,674 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.