Marathon Digital (NASDAQ:MARA) Trading 4.6% Higher – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 4.6% during trading on Tuesday . The stock traded as high as $8.20 and last traded at $8.16. Approximately 46,728,562 shares were traded during trading, a decline of 2% from the average daily volume of 47,695,688 shares. The stock had previously closed at $7.80.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MARA shares. Morgan Stanley started coverage on shares of Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price on the stock. Cantor Fitzgerald lowered their price target on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Piper Sandler decreased their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Finally, Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.00.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The business has a 50 day moving average price of $8.71 and a 200 day moving average price of $12.43. The stock has a market capitalization of $3.10 billion, a PE ratio of -2.06 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million during the quarter, compared to analysts’ expectations of $250.74 million. During the same period in the prior year, the firm earned $1.24 EPS. Marathon Digital’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total transaction of $252,495.90. Following the completion of the sale, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $146,880.00. Following the completion of the transaction, the chief financial officer owned 343,165 shares of the company’s stock, valued at approximately $3,150,254.70. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 114,515 shares of company stock valued at $1,029,678 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after purchasing an additional 4,049,979 shares in the last quarter. Mizuho Markets Americas LLC bought a new stake in Marathon Digital in the 3rd quarter worth about $5,438,000. WINTON GROUP Ltd purchased a new position in Marathon Digital in the 3rd quarter worth about $4,643,000. Farallon Capital Management LLC lifted its stake in Marathon Digital by 338.3% during the 3rd quarter. Farallon Capital Management LLC now owns 3,660,000 shares of the business services provider’s stock valued at $66,832,000 after acquiring an additional 2,825,000 shares during the period. Finally, Marex Group plc purchased a new stake in shares of Marathon Digital during the 2nd quarter valued at about $84,301,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.