Marathon Digital (NASDAQ:MARA) Stock Price Up 6.6% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 6.6% during trading on Friday . The stock traded as high as $11.57 and last traded at $11.36. Approximately 51,467,571 shares changed hands during trading, an increase of 25% from the average daily volume of 41,096,793 shares. The stock had previously closed at $10.66.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MARA shares. Macquarie increased their price target on Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, November 24th. Cantor Fitzgerald cut their price objective on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Rosenblatt Securities cut their price target on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Guggenheim started coverage on shares of Marathon Digital in a research report on Tuesday, October 21st. They issued a “neutral” rating for the company. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and an average target price of $22.44.

Marathon Digital Stock Up 6.6%

The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 6.31 and a beta of 5.34. The firm has a fifty day moving average price of $11.17 and a 200 day moving average price of $15.33.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The business had revenue of $252.41 million during the quarter, compared to analysts’ expectations of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In other news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction on Monday, November 17th. The stock was sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the transaction, the chief financial officer owned 283,298 shares of the company’s stock, valued at $3,396,743.02. The trade was a 10.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $15.87, for a total transaction of $398,543.31. Following the completion of the sale, the general counsel directly owned 723,136 shares in the company, valued at approximately $11,476,168.32. The trade was a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 155,474 shares of company stock worth $1,937,880 over the last 90 days. 0.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MARA. Hollencrest Capital Management lifted its stake in 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 buying an additional 1,300 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Marathon Digital by 59.9% in the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock worth $29,000 after acquiring an additional 683 shares during the last quarter. Estabrook Capital Management purchased a new stake in shares of Marathon Digital in the second quarter valued at $31,000. Bessemer Group Inc. boosted its stake in shares of 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 acquiring an additional 659 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Marathon Digital by 375.4% during the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 2,001 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.