Marathon Digital (NASDAQ:MARA) Stock Price Down 8.5% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was down 8.5% during trading on Wednesday . The company traded as low as $7.90 and last traded at $8.28. Approximately 53,449,474 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 42,518,445 shares. The stock had previously closed at $9.05.

Wall Street Analyst Weigh In

Several research firms have issued reports on MARA. Piper Sandler lowered their price objective 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. JPMorgan Chase & Co. decreased their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Guggenheim initiated coverage on Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Compass Point upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, November 24th. Finally, Rosenblatt Securities decreased their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Trading Down 8.5%

The stock has a market capitalization of $3.13 billion, a P/E ratio of 4.60 and a beta of 5.56. The stock’s 50 day moving average price is $10.58 and its 200-day moving average price is $14.56. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63.

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

Insider Transactions at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the completion of the transaction, the chief financial officer directly owned 283,298 shares in the company, valued at approximately $3,396,743.02. The trade was a 10.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the sale, the chief executive officer owned 3,517,566 shares in the company, valued at $37,989,712.80. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 182,979 shares of company stock valued at $2,234,934. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Marathon Digital by 8.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares during the last quarter. Emerald Advisers LLC increased its stake in Marathon Digital by 77.4% during the 2nd quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock valued at $9,088,000 after purchasing an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in Marathon Digital by 91.3% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after purchasing an additional 165,688 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Marathon Digital in the third quarter worth $5,438,000. Finally, New York State Teachers Retirement System lifted its stake in shares of Marathon Digital by 12.0% during the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after buying an additional 34,100 shares during the period. 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.