Marathon Digital (NASDAQ:MARA) Trading 6.4% Higher – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 6.4% during mid-day trading on Friday . The company traded as high as $10.03 and last traded at $9.32. Approximately 73,056,167 shares changed hands during trading, an increase of 54% from the average daily volume of 47,430,355 shares. The stock had previously closed at $8.76.

Analyst Upgrades and Downgrades

Several analysts have commented on MARA shares. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Monday, November 24th. JPMorgan Chase & Co. reduced their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 24th. Weiss Ratings cut Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Cantor Fitzgerald lowered their price objective on Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company 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 assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $20.00.

Marathon Digital Trading Up 6.4%

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. The business’s fifty day moving average is $9.17 and its 200-day moving average is $13.00. The stock has a market capitalization of $3.54 billion, a PE ratio of -2.35 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results 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 return on equity of 19.01% and a negative net margin of 144.58%.The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.24 EPS. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total value of $122,560.00. Following the transaction, the chief financial officer directly owned 359,165 shares of the company’s stock, valued at approximately $2,751,203.90. This trade represents a 4.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total value of $210,688.30. Following the completion of the transaction, the chief executive officer directly owned 3,381,861 shares in the company, valued at $25,905,055.26. This trade represents a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 133,247 shares of company stock valued at $1,325,255. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently modified their holdings of the company. UBS Group AG lifted its stake in shares of Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares in the last quarter. Marex Group plc acquired a new stake in Marathon Digital during the 2nd quarter worth approximately $84,301,000. Voloridge Investment Management LLC purchased a new position in Marathon Digital in the third quarter valued at approximately $93,066,000. Norges Bank acquired a new position in Marathon Digital during the fourth quarter valued at approximately $39,492,000. Finally, Vanguard Group Inc. lifted its position in Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after buying an additional 4,049,979 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

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.