Marathon Digital (NASDAQ:MARA) Trading Up 2.5% – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 2.5% during trading on Thursday . The company traded as high as $8.78 and last traded at $8.76. 37,278,349 shares changed hands during trading, a decline of 20% from the average session volume of 46,889,816 shares. The stock had previously closed at $8.55.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MARA shares. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, November 24th. Morgan Stanley assumed coverage on shares of Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective for the company. Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Finally, JPMorgan Chase & Co. dropped their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Up 6.4%

The company has a 50 day moving average of $9.17 and a 200-day moving average of $13.02. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The company has a market cap of $3.54 billion, a P/E ratio of -2.35 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results 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). Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The business had revenue of $202.31 million during the quarter, compared to analysts’ expectations of $250.74 million. During the same period in the previous year, the business earned $1.24 EPS. The business’s revenue was down 5.6% on a year-over-year basis. On average, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value of $297,054.00. Following the transaction, the chief executive officer owned 3,517,566 shares of the company’s stock, valued at $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction dated 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 directly owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This trade represents a 12.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 133,247 shares of company stock worth $1,325,255 in the last three months. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently modified their holdings of MARA. Integrated Wealth Concepts LLC boosted its stake in Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Marathon Digital by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after acquiring an additional 3,032 shares in the last quarter. United Services Automobile Association lifted its holdings in shares of Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Marathon Digital by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock valued at $7,398,000 after purchasing an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of Marathon Digital during the 2nd quarter valued at $183,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

About Marathon Digital

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.