Marathon Digital (NASDAQ:MARA) Shares Down 1.5% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 1.5% during mid-day trading on Wednesday . The company traded as low as $8.00 and last traded at $8.04. Approximately 30,841,223 shares were traded during trading, a decline of 35% from the average daily volume of 47,434,754 shares. The stock had previously closed at $8.16.

Analyst Ratings Changes

Several equities research analysts have recently commented on MARA shares. Piper Sandler reduced their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Weiss Ratings downgraded shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Morgan Stanley assumed coverage on shares of Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price for the company. Cantor Fitzgerald decreased their price target on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Seven investment 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 MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Stock Performance

The business has a 50-day simple moving average of $8.67 and a 200 day simple moving average of $12.37. 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 firm has a market cap of $3.06 billion, a PE ratio of -2.03 and a beta of 5.51.

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

Insider Buying and Selling

In other news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $252,495.90. Following the completion of the sale, the chief executive officer directly owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. This represents a 0.57% 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, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 343,165 shares of the company’s stock, valued at approximately $3,150,254.70. This trade represents a 4.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 114,515 shares of company stock worth $1,029,678. 0.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MARA. Hollencrest Capital Management increased its stake in Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after buying an additional 1,300 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Marathon Digital by 56.8% in the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Marathon Digital in the fourth quarter worth about $36,000. Hantz Financial Services Inc. boosted its stake in shares of Marathon Digital by 344.8% in the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock worth $45,000 after acquiring an additional 3,893 shares during the period. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Marathon Digital during the third quarter worth about $47,000. 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.