Marathon Digital (NASDAQ:MARA) Shares Down 2.7% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 2.7% during mid-day trading on Monday . The stock traded as low as $7.64 and last traded at $7.80. 35,712,052 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 47,669,480 shares. The stock had previously closed at $8.02.

Wall Street Analyst Weigh In

A number of analysts recently commented on MARA shares. Morgan Stanley initiated coverage on shares of Marathon Digital in a report on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price on the stock. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Weiss Ratings cut Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Finally, Piper Sandler reduced their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Marathon Digital has a consensus rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Down 2.7%

The business’s 50 day simple moving average is $8.78 and its 200 day simple moving average is $12.48. The company has a market capitalization of $2.97 billion, a PE ratio of -1.97 and a beta of 5.51. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92.

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

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $252,495.90. Following the sale, the chief executive officer directly owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. The trade was a 0.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $146,880.00. Following the completion of the sale, the chief financial officer owned 343,165 shares of the company’s stock, valued at $3,150,254.70. The trade was a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 114,515 shares of company stock worth $1,029,678. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management increased its holdings in shares of Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 1,300 shares during the period. Bessemer Group Inc. grew its position in Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 659 shares in the last quarter. Estabrook Capital Management acquired a new position in Marathon Digital in the 2nd quarter valued at approximately $31,000. Salomon & Ludwin LLC acquired a new position in Marathon Digital in the 3rd quarter valued at approximately $47,000. Finally, Danske Bank A S purchased a new stake in Marathon Digital in the 3rd quarter worth approximately $55,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.