Marathon Digital (NASDAQ:MARA) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Marathon Digital (NASDAQ:MARA) released its earnings results on Tuesday. The business services provider reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03, Zacks reports. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%.

Marathon Digital Trading Down 6.7%

NASDAQ:MARA traded down $1.19 during mid-day trading on Tuesday, hitting $16.62. The company had a trading volume of 51,503,993 shares, compared to its average volume of 46,393,594. The business’s fifty day moving average is $18.07 and its two-hundred day moving average is $16.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $6.16 billion, a P/E ratio of 14.97 and a beta of 6.33. Marathon Digital has a fifty-two week low of $9.81 and a fifty-two week high of $30.28.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Marathon Digital in a report on Wednesday, October 8th. Compass Point started coverage on shares of Marathon Digital in a research note on Monday, September 15th. They issued a “neutral” rating and a $18.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, September 26th. Piper Sandler upped their price target on Marathon Digital from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. Finally, Macquarie lifted their price objective on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Insider Buying and Selling

In other Marathon Digital news, Director Vicki Mealer-Burke sold 14,887 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $15.22, for a total transaction of $226,580.14. Following the completion of the transaction, the director owned 58,103 shares of the company’s stock, valued at $884,327.66. This represents a 20.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Friday, October 17th. The stock was sold at an average price of $19.57, for a total transaction of $538,272.85. Following the transaction, the chief executive officer owned 3,718,700 shares of the company’s stock, valued at $72,774,959. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 204,598 shares of company stock valued at $3,616,374. 0.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Marathon Digital by 1.4% in the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares during the last quarter. Invesco Ltd. lifted its holdings in Marathon Digital by 2.1% during the second quarter. Invesco Ltd. now owns 3,091,708 shares of the business services provider’s stock worth $48,478,000 after acquiring an additional 63,477 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Marathon Digital by 6.5% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,967,777 shares of the business services provider’s stock worth $30,852,000 after purchasing an additional 119,741 shares during the period. Public Sector Pension Investment Board raised its holdings in Marathon Digital by 11.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 1,199,829 shares of the business services provider’s stock valued at $18,813,000 after acquiring an additional 123,539 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Marathon Digital by 144.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,003,747 shares of the business services provider’s stock valued at $15,739,000 after acquiring an additional 592,493 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

About Marathon Digital

MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.