MARA (NASDAQ:MARA) Stock Price Down 1.8% – Here’s Why

MARA Holdings (NASDAQ:MARA) fell 1.8% during mid-day trading on Tuesday. The stock traded as low as $10.93 and last traded at $10.97. 28,445,988 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 45,927,508 shares. The stock had previously closed at $11.17.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald decreased their target price on MARA from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. JPMorgan Chase & Co. restated an “underweight” rating and set a $11.00 target price (down from $13.00) on shares of MARA in a report on Monday, September 14th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price target on shares of MARA in a research note on Friday, August 7th. Citizens Jmp began coverage on shares of MARA in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. Finally, Weiss Ratings upgraded MARA from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, MARA presently has an average rating of “Hold” and a consensus target price of $19.20.

MARA Stock Performance

The stock’s 50 day moving average price is $11.22 and its 200 day moving average price is $11.74. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of -1.20 and a beta of 5.33.

MARA (NASDAQ:MARA) last released its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The company had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. During the same period in the prior year, the firm posted $1.84 EPS. MARA’s revenue was down 26.7% compared to the same quarter last year. Analysts expect that MARA Holdings will post -1.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Zabi Nowaid sold 8,376 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $12.00, for a total value of $100,512.00. Following the completion of the transaction, the general counsel directly owned 898,780 shares of the company’s stock, valued at approximately $10,785,360. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $11.22, for a total transaction of $308,606.10. Following the transaction, the chief executive officer owned 4,217,586 shares in the company, valued at approximately $47,321,314.92. The trade was a 0.65% decrease in their ownership of the stock. 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. Insiders have sold 106,891 shares of company stock valued at $1,124,731 in the last 90 days. 0.97% of the stock is currently owned by insiders.

Institutional Trading of MARA

A number of large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its position in shares of MARA by 1,154.9% in the 2nd quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 2,229 shares during the period. Ascentis Independent Advisors bought a new stake in shares of MARA in the 1st quarter valued at about $28,000. CoreCap Advisors LLC lifted its stake in MARA by 128.0% in the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 2,050 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in MARA by 58.2% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 4,009 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,475 shares during the last quarter. Finally, Bogart Wealth LLC grew its holdings in MARA by 4,345.1% during the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock worth $33,000 after purchasing an additional 3,954 shares during the period. Institutional investors and hedge funds own 44.53% of the company’s stock.

About MARA

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset technology company focused primarily on mining bitcoin. The company operates specialized data centers containing application-specific integrated circuit (ASIC) computers that process transactions and secure the Bitcoin network in exchange for bitcoin rewards.

In addition to bitcoin mining, MARA develops and operates digital asset computing infrastructure. Its activities include managing energy and data-center resources, deploying mining hardware, and pursuing technologies designed to improve the efficiency and scalability of digital asset mining.