MARA (NASDAQ:MARA) Stock Price Down 3.5% – What’s Next?

MARA Holdings (NASDAQ:MARA) dropped 3.5% during trading on Tuesday. The stock traded as low as $8.98 and last traded at $9.11. 35,992,394 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 45,657,492 shares. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

MARA has been the subject of several research reports. Rosenblatt Securities restated a “buy” rating and issued a $15.00 price target on shares of MARA in a research note on Friday, August 7th. Cantor Fitzgerald reduced their price objective on MARA from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings upgraded MARA from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 21st. Piper Sandler lowered their target price on MARA from $16.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Morgan Stanley set a $10.00 price target on MARA and gave the stock an “underweight” rating in a report on Friday, October 9th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, MARA currently has a consensus rating of “Hold” and a consensus price target of $19.10.

MARA Trading Up 1.2%

The company’s fifty day moving average is $10.99 and its two-hundred day moving average is $11.79. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -0.91 and a beta of 5.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15.

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

Insider Buying and Selling at MARA

In other news, General Counsel Zabi Nowaid sold 8,376 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $12.00, for a total value of $100,512.00. Following the transaction, the general counsel owned 898,780 shares in the company, valued at approximately $10,785,360. This represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $11.22, for a total value of $308,606.10. Following the sale, the chief executive officer directly owned 4,217,586 shares in the company, valued at $47,321,314.92. This trade represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 106,891 shares of company stock worth $1,124,731 over the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Institutional Trading of MARA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Everhart Financial Group Inc. purchased a new position in MARA during the 3rd quarter worth $152,000. Moody National Bank Trust Division boosted its stake in shares of MARA by 19.4% during the third quarter. Moody National Bank Trust Division now owns 159,737 shares of the business services provider’s stock worth $1,810,000 after buying an additional 25,962 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of MARA by 58.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 4,009 shares of the business services provider’s stock worth $45,000 after buying an additional 1,475 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of MARA during the second quarter worth about $161,000. Finally, WINTON GROUP Ltd acquired a new position in MARA in the 2nd quarter valued at about $3,545,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

About MARA

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset technology company focused primarily on mining bitcoin. The company operates specialized data centers containing application-specific integrated circuit (ASIC) computers that process transactions and secure the Bitcoin network in exchange for bitcoin rewards.

In addition to bitcoin mining, MARA develops and operates digital asset computing infrastructure. Its activities include managing energy and data-center resources, deploying mining hardware, and pursuing technologies designed to improve the efficiency and scalability of digital asset mining.