MARA (NASDAQ:MARA) Stock Price Down 5.5% – Here’s Why

MARA Holdings (NASDAQ:MARA) traded down 5.5% during mid-day trading on Wednesday. The stock traded as low as $11.30 and last traded at $11.33. Approximately 40,301,464 shares were traded during mid-day trading, a decline of 13% from the average session volume of 46,185,477 shares. The stock had previously closed at $11.99.

Analysts Set New Price Targets

A number of brokerages recently commented on MARA. Piper Sandler lowered their price objective on MARA from $16.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $11.00 price target (down from $13.00) on shares of MARA in a report on Monday, September 14th. Weiss Ratings raised shares of MARA from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 21st. Citizens Jmp began coverage on shares of MARA in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price objective on the stock. Finally, Morgan Stanley restated an “underweight” rating and issued a $11.00 target price (up from $6.00) on shares of MARA in a research report on Friday, September 18th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.20.

MARA Stock Down 5.5%

The company has a market cap of $4.38 billion, a price-to-earnings ratio of -1.24 and a beta of 5.32. The stock has a 50-day simple moving average of $11.31 and a 200-day simple moving average of $11.68. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15.

MARA (NASDAQ:MARA) last issued its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business had revenue of $174.88 million for the quarter, compared to analyst estimates of $209.44 million. During the same period last year, the business posted $1.84 earnings per share. MARA’s revenue for the quarter was down 26.7% on a year-over-year basis. As a group, analysts predict that MARA Holdings will post -1.65 EPS for the current year.

Insider Buying and Selling at MARA

In other MARA news, CFO Salman Khan sold 16,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total transaction of $147,360.00. Following the transaction, the chief financial officer owned 377,066 shares of the company’s stock, valued at approximately $3,472,777.86. This trade represents a 4.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,376 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $12.00, for a total transaction of $100,512.00. Following the sale, the general counsel owned 898,780 shares in the company, valued at $10,785,360. This trade represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 79,386 shares of company stock valued at $816,125. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On MARA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in MARA in the fourth quarter worth approximately $39,492,000. Delta Global Management LP bought a new stake in shares of MARA in the 1st quarter worth $5,064,000. Hsbc Holdings PLC bought a new stake in shares of MARA in the 4th quarter worth $5,220,000. Compass Rose Asset Management LP acquired a new stake in shares of MARA in the first quarter valued at $4,243,000. Finally, Compass Financial Management LLC acquired a new stake in shares of MARA in the second quarter valued at $6,000,000. Institutional investors own 44.53% of the company’s stock.

About MARA

MARA Holdings, Inc, formerly known as Marathon Digital Holdings, Inc, is a digital asset technology company focused primarily on mining bitcoin. The company operates and supports computing infrastructure designed to secure the Bitcoin network by processing transactions and earning bitcoin rewards.

MARA develops and deploys large-scale data center and energy infrastructure for digital asset mining. Its activities include operating mining facilities, managing specialized application-specific integrated circuit (ASIC) mining equipment, and pursuing energy and infrastructure solutions intended to support more efficient and scalable computing operations.