Marathon Digital (NASDAQ:MARA) Stock Price Down 8.4% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 8.4% during trading on Tuesday . The company traded as low as $8.61 and last traded at $8.66. Approximately 51,047,416 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 47,370,121 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

A number of research analysts have issued reports on MARA shares. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Rosenblatt Securities reduced their price objective on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings upgraded Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Finally, Cantor Fitzgerald lowered their price objective on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Marathon Digital Price Performance

The stock has a market capitalization of $3.33 billion, a P/E ratio of -2.21 and a beta of 5.51. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.09 and a current ratio of 1.27. The stock has a 50-day simple moving average of $9.28 and a 200 day simple moving average of $13.34.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. During the same period last year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, equities analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total transaction of $122,560.00. Following the completion of the transaction, the chief financial officer directly owned 359,165 shares of the company’s stock, valued at $2,751,203.90. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total value of $210,688.30. Following the completion of the transaction, the chief executive officer directly owned 3,381,861 shares in the company, valued at $25,905,055.26. The trade was a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 133,247 shares of company stock worth $1,325,255 in the last 90 days. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after buying an additional 4,049,979 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Marathon Digital by 8.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock worth $35,846,000 after buying an additional 177,771 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Marathon Digital in the 3rd quarter worth approximately $5,438,000. Journey Strategic Wealth LLC bought a new position in Marathon Digital in the 2nd quarter valued at $459,000. Finally, Prudential Financial Inc. increased its holdings in Marathon Digital by 10.0% during the second quarter. Prudential Financial Inc. now owns 365,639 shares of the business services provider’s stock worth $5,733,000 after buying an additional 33,186 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

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.