MARA (NASDAQ:MARA) Shares Up 2.3% – Here’s Why

Shares of MARA Holdings (NASDAQ:MARA) traded up 2.3% during trading on Wednesday . The stock traded as high as $10.53 and last traded at $10.47. Approximately 29,859,446 shares changed hands during trading, a decline of 35% from the average daily volume of 46,105,336 shares. The stock had previously closed at $10.23.

Analyst Ratings Changes

A number of research analysts have recently commented on MARA shares. Citizens Jmp initiated coverage on MARA in a report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Rosenblatt Securities restated a “buy” rating and issued a $15.00 price objective on shares of MARA in a research note on Friday, August 7th. Cantor Fitzgerald cut their target price on shares of MARA from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Piper Sandler reduced their price target on shares of MARA from $16.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Finally, BTIG Research restated a “buy” rating and issued a $27.00 price target on shares of MARA in a research report on Monday, June 1st. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.78.

MARA Stock Performance

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The stock has a market cap of $4.04 billion, a P/E ratio of -1.14 and a beta of 5.40. The stock has a fifty day simple moving average of $11.58 and a 200-day simple moving average of $11.16.

MARA (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). The company had revenue of $174.88 million during the quarter, compared to the consensus estimate of $209.44 million. MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business’s quarterly revenue was down 26.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.84 EPS. Equities analysts expect that MARA Holdings will post -1.24 earnings per share for the current fiscal year.

Insider Transactions at MARA

In other news, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the sale, the director directly owned 231,618 shares in the company, valued at approximately $3,705,888. This represents a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of MARA stock in a transaction on Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $253,321.05. Following the completion of the transaction, the chief executive officer owned 4,335,697 shares in the company, valued at approximately $39,931,769.37. The trade was a 0.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 109,386 shares of company stock valued at $1,332,889. 0.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MARA

A number of large investors have recently bought and sold shares of MARA. Integrated Wealth Concepts LLC raised its holdings in MARA by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of MARA by 65.3% during the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after acquiring an additional 3,032 shares in the last quarter. United Services Automobile Association raised its holdings in shares of MARA by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after acquiring an additional 1,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in MARA by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock valued at $7,398,000 after acquiring an additional 63,903 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in MARA during the 2nd quarter valued at about $183,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

MARA Company Profile

MARA Holdings, Inc is an energy and digital infrastructure company whose core business is Bitcoin mining. Headquartered in Hallandale Beach, Florida, the company operates large-scale computing infrastructure designed to convert energy into high-value compute workloads.