Van ECK Associates Corp Trims Stock Holdings in Marathon Digital Holdings, Inc. $MARA

Van ECK Associates Corp lessened its holdings in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 50.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,210,132 shares of the business services provider’s stock after selling 1,219,777 shares during the quarter. Van ECK Associates Corp owned 0.32% of Marathon Digital worth $22,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MARA. Bessemer Group Inc. grew its position in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after buying an additional 659 shares in the last quarter. Archer Investment Corp raised its holdings in Marathon Digital by 10.9% in the second quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock valued at $120,000 after acquiring an additional 750 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Marathon Digital by 15.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock valued at $108,000 after acquiring an additional 799 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Marathon Digital by 3.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock valued at $537,000 after acquiring an additional 882 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in Marathon Digital by 2.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider’s stock worth $556,000 after acquiring an additional 934 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Stock Performance

MARA traded up $1.06 on Friday, hitting $9.82. 23,557,044 shares of the company’s stock were exchanged, compared to its average volume of 46,237,727. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.92. The stock has a fifty day moving average of $9.18 and a two-hundred day moving average of $13.06. Marathon Digital Holdings, Inc. has a twelve month low of $6.66 and a twelve month high of $23.45. The firm has a market cap of $3.73 billion, a PE ratio of -2.47 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). The company had revenue of $202.31 million during the quarter, compared to analyst estimates of $250.74 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The business’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 earnings per share. On average, research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $11.48, for a total transaction of $398,723.36. Following the completion of the transaction, the chief financial officer directly owned 248,566 shares in the company, valued at $2,853,537.68. This represents a 12.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total value 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. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 133,247 shares of company stock valued at $1,325,255 in the last 90 days. Insiders own 0.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MARA. Cantor Fitzgerald cut their target price on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. JPMorgan Chase & Co. cut their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 24th. Finally, Morgan Stanley began coverage on Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.00.

Marathon Digital 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.