Marathon Digital (NASDAQ:MARA) Trading Down 18.7% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 18.7% during trading on Thursday . The company traded as low as $6.66 and last traded at $6.73. 78,483,439 shares were traded during trading, an increase of 78% from the average session volume of 44,016,465 shares. The stock had previously closed at $8.28.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MARA shares. Cantor Fitzgerald cut their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Macquarie Infrastructure lifted their price objective on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Piper Sandler reduced their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Rosenblatt Securities dropped their price objective on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Weiss Ratings cut shares of Marathon Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Price Performance

The company’s 50-day moving average is $10.36 and its 200-day moving average is $14.39. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 4.58 and a beta of 5.56. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09.

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 company had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction on Monday, November 17th. The shares were sold at an average price of $11.99, for a total transaction of $416,436.68. Following the transaction, the chief financial officer owned 283,298 shares in the company, valued at $3,396,743.02. The trade was a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 178,092 shares of company stock valued at $2,153,321 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in shares of Marathon Digital by 8.4% in 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 during the last quarter. Emerald Advisers LLC raised its stake in Marathon Digital by 77.4% during the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after acquiring an additional 252,864 shares during the period. Emerald Mutual Fund Advisers Trust lifted its holdings in Marathon Digital by 91.3% in 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 last quarter. Mizuho Markets Americas LLC acquired a new position in Marathon Digital in the third quarter valued at approximately $5,438,000. Finally, New York State Teachers Retirement System grew its holdings in shares of Marathon Digital by 12.0% during the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock valued at $4,997,000 after purchasing an additional 34,100 shares during the last quarter. Hedge funds and other institutional investors 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.