Marathon Digital (NASDAQ:MARA) Trading Down 2.1% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 2.1% during mid-day trading on Friday . The stock traded as low as $10.07 and last traded at $10.22. 32,041,106 shares were traded during mid-day trading, a decline of 11% from the average session volume of 35,833,332 shares. The stock had previously closed at $10.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Cantor Fitzgerald dropped their price target on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Monday, November 24th. Finally, Macquarie raised their price target on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.56.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 5.68 and a beta of 5.34. The firm’s 50 day simple moving average is $11.81 and its 200 day simple moving average is $15.47.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The firm had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. Sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Activity at Marathon Digital

In related news, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the sale, the chief financial officer directly owned 248,566 shares in the company, valued at approximately $2,853,537.68. The trade was a 12.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $10.77, for a total transaction of $296,228.85. Following the transaction, the chief executive officer directly owned 3,555,489 shares of the company’s stock, valued at approximately $38,292,616.53. This trade represents a 0.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 217,711 shares of company stock valued at $3,265,959. 0.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG boosted its stake in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares during the period. Marex Group plc purchased a new stake in Marathon Digital during the 2nd quarter worth about $84,301,000. Voloridge Investment Management LLC purchased a new position in Marathon Digital in the third quarter valued at approximately $93,066,000. Vanguard Group Inc. raised its stake in Marathon Digital by 9.8% during the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Marathon Digital in the 2nd quarter valued at about $59,255,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

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.