Marathon Digital (NASDAQ:MARA) Trading Down 2.3% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 2.3% on Wednesday . The stock traded as low as $9.82 and last traded at $10.0750. 32,039,323 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 37,925,074 shares. The stock had previously closed at $10.31.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Macquarie raised their price objective on shares of Marathon Digital from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, November 24th. Cantor Fitzgerald cut their price objective on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Guggenheim started coverage on Marathon Digital in a report on Tuesday, October 21st. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.56.

Marathon Digital Trading Down 2.1%

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 company’s 50-day moving average price is $11.65 and its 200-day moving average price is $15.45. The firm has a market capitalization of $3.86 billion, a PE ratio of 5.68 and a beta of 5.34.

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

Insider Buying and Selling

In other Marathon Digital news, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the transaction, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $10.77, for a total transaction of $296,228.85. Following the sale, the chief executive officer directly owned 3,555,489 shares in the company, valued at approximately $38,292,616.53. The trade was a 0.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 217,711 shares of company stock worth $3,265,959 over the last 90 days. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Several large investors have recently bought and sold shares of MARA. Bank of New York Mellon Corp raised its stake in shares of Marathon Digital by 8.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock worth $35,846,000 after buying an additional 177,771 shares in the last quarter. Emerald Advisers LLC boosted its stake in shares of Marathon Digital by 77.4% in the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock valued at $9,088,000 after buying an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust grew its holdings in Marathon Digital by 91.3% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock worth $5,444,000 after acquiring an additional 165,688 shares during the period. Intech Investment Management LLC grew its holdings in Marathon Digital by 14.5% during the first quarter. Intech Investment Management LLC now owns 160,717 shares of the business services provider’s stock worth $1,848,000 after acquiring an additional 20,413 shares during the period. Finally, New York State Teachers Retirement System raised its position in Marathon Digital by 12.0% in the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after acquiring an additional 34,100 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.