Marathon Digital (NASDAQ:MARA) Trading Down 2.1% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 2.1% on Monday . The company traded as low as $11.62 and last traded at $12.18. 35,309,602 shares were traded during mid-day trading, a decline of 24% from the average session volume of 46,700,297 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Morgan Stanley cut their price objective on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday. Rosenblatt Securities raised their price objective on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Cantor Fitzgerald dropped their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Finally, Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Trading Up 5.7%

The firm has a market cap of $5.01 billion, a P/E ratio of -2.30 and a beta of 5.41. The company’s 50 day moving average is $10.33 and its two-hundred day moving average is $10.55. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative net margin of 234.83% and a negative return on equity of 23.20%. The firm had revenue of $202.31 million during the quarter, compared to analyst estimates of $250.74 million. During the same period last year, the company earned $1.24 EPS. The company’s revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.67 earnings per share for the current year.

Insider Activity

In other news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $186,880.00. Following the completion of the transaction, the chief financial officer owned 441,066 shares in the company, valued at approximately $5,151,650.88. This represents a 3.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 42,090 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $12.00, for a total transaction of $505,080.00. Following the transaction, the general counsel directly owned 1,007,047 shares of the company’s stock, valued at $12,084,564. The trade was a 4.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 129,100 shares of company stock worth $1,412,594. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MARA. Vanguard Group Inc. boosted its holdings in Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after purchasing an additional 1,394,559 shares in the last quarter. State Street Corp lifted its position in shares of Marathon Digital by 1.4% during the 2nd 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 during the period. UBS Group AG lifted its position in shares of Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the period. Marex Group plc boosted its stake in 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 grew its position in Marathon Digital by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after acquiring an additional 251,674 shares during the period. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.