Marathon Digital (NASDAQ:MARA) Trading Up 1.3% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price shot up 1.3% on Tuesday . The company traded as high as $11.01 and last traded at $10.49. 45,891,863 shares traded hands during trading, a decline of 3% from the average session volume of 47,201,234 shares. The stock had previously closed at $10.36.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MARA. Cantor Fitzgerald lowered their price target on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Piper Sandler lowered their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Finally, Morgan Stanley started coverage on Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.90.

Marathon Digital Stock Up 1.3%

The company has a market cap of $3.99 billion, a P/E ratio of -2.65 and a beta of 5.29. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The business’s 50 day moving average price is $8.50 and its 200-day moving average price is $11.84.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results 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 business had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. During the same quarter last year, the company earned $1.24 earnings per share. The firm’s revenue was down 5.6% on a year-over-year basis. On average, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $252,495.90. Following the completion of the sale, the chief executive officer directly owned 4,788,954 shares in the company, valued at approximately $43,962,597.72. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated 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 directly 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. Insiders have sold 114,515 shares of company stock worth $1,029,678 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of MARA. Integrated Wealth Concepts LLC grew its stake in shares of Marathon Digital by 9.8% during the first 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 lifted its holdings in Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after buying an additional 3,032 shares in the last quarter. United Services Automobile Association boosted its position in Marathon Digital by 8.2% in 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Marathon Digital by 11.0% in 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 shares of Marathon Digital during the second quarter worth $183,000. 44.53% of the stock is owned by institutional investors.

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.