Marathon Digital (NASDAQ:MARA) Stock Price Up 1.6% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 1.6% during mid-day trading on Monday . The company traded as high as $9.14 and last traded at $8.85. Approximately 36,241,567 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 47,314,355 shares. The stock had previously closed at $8.71.

Analysts Set New Price Targets

Several analysts have commented on the stock. Cantor Fitzgerald dropped their target price on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Piper Sandler dropped their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Morgan Stanley began coverage on Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price on the stock. Finally, Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Up 1.6%

The company has a market cap of $3.37 billion, a price-to-earnings ratio of -2.23 and a beta of 5.29. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.92. The firm’s fifty day moving average price is $8.55 and its 200-day moving average price is $12.19.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data 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). The business had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.During the same period in the previous year, the business posted $1.24 EPS. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. Sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Transactions at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares in the company, valued at $43,962,597.72. The trade was a 0.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $146,880.00. Following the completion of the transaction, the chief financial officer owned 343,165 shares of the company’s stock, valued at $3,150,254.70. This represents a 4.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 114,515 shares of company stock worth $1,029,678. 0.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Several large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC acquired a new stake in shares of Marathon Digital during the fourth quarter worth $5,220,000. Tobam boosted its stake in Marathon Digital by 3.6% in the 4th quarter. Tobam now owns 58,338 shares of the business services provider’s stock worth $524,000 after purchasing an additional 2,045 shares during the period. Alpine Global Management LLC increased its holdings in Marathon Digital by 208,433.3% during the 4th quarter. Alpine Global Management LLC now owns 18,768 shares of the business services provider’s stock worth $169,000 after purchasing an additional 18,759 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Marathon Digital by 71.0% during the fourth quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock worth $15,209,000 after buying an additional 703,262 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Marathon Digital by 29.3% in the fourth quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock valued at $419,000 after purchasing an additional 10,194 shares during the last quarter. Institutional investors 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.