Marathon Digital (NASDAQ:MARA) Trading Up 5.8% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 5.8% during trading on Tuesday . The stock traded as high as $12.15 and last traded at $11.83. Approximately 48,272,800 shares were traded during trading, an increase of 4% from the average session volume of 46,406,332 shares. The stock had previously closed at $11.18.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MARA. Rosenblatt Securities restated a “buy” rating and issued a $15.00 target price on shares of Marathon Digital in a research report on Friday, August 7th. Weiss Ratings raised Marathon Digital from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday. BTIG Research restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Morgan Stanley lifted their target price on shares of Marathon Digital from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Thursday, August 13th. Finally, Citizens Jmp initiated coverage on shares of Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.78.

Marathon Digital Stock Performance

The firm has a fifty day moving average price of $11.97 and a 200 day moving average price of $11.02. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. The firm has a market cap of $4.57 billion, a PE ratio of -1.29 and a beta of 5.40.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The firm had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. During the same period in the prior year, the company posted $1.84 EPS. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the transaction, the director directly owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $253,321.05. Following the completion of the sale, the chief executive officer owned 4,335,697 shares in the company, valued at $39,931,769.37. This represents a 0.63% decrease in their position. 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. Insiders have sold 109,386 shares of company stock worth $1,332,889 over the last quarter. 0.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Danske Bank A S acquired a new stake in shares of Marathon Digital during the third quarter valued at about $55,000. Ascentis Independent Advisors acquired a new position in shares of Marathon Digital in the 1st quarter worth approximately $28,000. CoreCap Advisors LLC boosted its position in shares of Marathon Digital by 128.0% during the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after purchasing an additional 2,050 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in Marathon Digital in the 4th quarter valued at approximately $36,000. Finally, Bogart Wealth LLC raised its position in Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 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.