Marathon Digital (NASDAQ:MARA) Stock Price Down 0.1% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 0.1% during trading on Tuesday . The stock traded as low as $16.67 and last traded at $16.97. Approximately 26,689,779 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 53,953,645 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

Several brokerages have recently weighed in on MARA. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, October 10th. Macquarie assumed coverage on shares of Marathon Digital in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald began coverage on Marathon Digital in a research note on Thursday, October 10th. They issued an “overweight” rating and a $21.00 price objective for the company. Finally, B. Riley raised their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.79.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The firm’s 50-day moving average price is $16.15 and its 200-day moving average price is $18.38. The stock has a market cap of $5.09 billion, a P/E ratio of 8.16 and a beta of 5.50.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. Marathon Digital’s quarterly revenue was up 77.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. Sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Transactions at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the sale, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the transaction, the chief executive officer now owns 4,278,309 shares in the company, valued at $67,169,451.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the sale, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,212 shares of company stock worth $742,948. 1.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of the business. Beaird Harris Wealth Management LLC grew its holdings in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC purchased a new stake in Marathon Digital in the 1st quarter valued at about $90,000. DekaBank Deutsche Girozentrale bought a new position in Marathon Digital in the 1st quarter worth about $105,000. Tobam increased its position in shares of Marathon Digital by 173.0% during the third quarter. Tobam now owns 7,701 shares of the business services provider’s stock worth $125,000 after acquiring an additional 4,880 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Marathon Digital by 108.0% during the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after acquiring an additional 3,565 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

About Marathon Digital

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.