Marathon Digital (NASDAQ:MARA) Shares Down 1.4% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 1.4% on Wednesday . The stock traded as low as $10.24 and last traded at $10.37. Approximately 36,582,670 shares traded hands during trading, a decline of 11% from the average daily volume of 41,287,477 shares. The stock had previously closed at $10.52.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MARA shares. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Monday, November 24th. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Piper Sandler cut their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Rosenblatt Securities dropped their price target on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Guggenheim initiated coverage on shares of Marathon Digital in a research report on Tuesday, October 21st. They set a “neutral” rating on the stock. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The company has a market capitalization of $3.92 billion, a P/E ratio of 5.76 and a beta of 5.34. The firm’s fifty day moving average is $10.69 and its 200 day moving average is $14.91.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The business had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. As a group, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Transactions at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 25,113 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. The trade was a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $11.99, for a total value of $416,436.68. Following the transaction, the chief financial officer owned 283,298 shares in the company, valued at $3,396,743.02. The trade was a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 182,979 shares of company stock valued at $2,234,934. 0.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. Integrated Wealth Concepts LLC raised its holdings in shares of Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 991 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Marathon Digital 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 buying an additional 3,032 shares during the period. United Services Automobile Association lifted its holdings in Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after buying an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Marathon Digital by 11.0% during 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, Fifth Third Bancorp increased its holdings in shares of Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 683 shares during the period. 44.53% of the stock is currently owned by 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.