Marathon Digital (NASDAQ:MARA) Trading Up 6.4% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 6.4% on Friday . The company traded as high as $10.03 and last traded at $9.32. Approximately 73,056,167 shares traded hands during mid-day trading, an increase of 54% from the average daily volume of 47,430,355 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

Several brokerages have recently commented on MARA. 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 research report on Monday, November 24th. Morgan Stanley began coverage on Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price target for the company. Piper Sandler decreased their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Finally, Cantor Fitzgerald dropped their price objective on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.00.

Marathon Digital Price Performance

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. The firm’s fifty day moving average price is $9.18 and its 200 day moving average price is $13.06. The stock has a market cap of $3.54 billion, a PE ratio of -2.35 and a beta of 5.51.

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

Insider Transactions at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the transaction, the chief executive officer owned 3,517,566 shares in the company, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the sale, the chief financial officer directly owned 248,566 shares in the company, valued at $2,853,537.68. This trade represents a 12.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 133,247 shares of company stock valued at $1,325,255. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several hedge funds have recently modified their holdings of MARA. Integrated Wealth Concepts LLC lifted its stake in shares of Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 991 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 3,032 shares during the last quarter. United Services Automobile Association raised its holdings in Marathon Digital by 8.2% during the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after buying an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Marathon Digital by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock valued at $7,398,000 after buying an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in Marathon Digital in the second quarter worth $183,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.