Marathon Digital (NASDAQ:MARA) Shares Down 4.5% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was down 4.5% during trading on Thursday . The company traded as low as $9.17 and last traded at $9.21. Approximately 32,650,439 shares were traded during mid-day trading, a decline of 28% from the average session volume of 45,590,855 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

MARA has been the subject of several research reports. Morgan Stanley upped their price objective on shares of Marathon Digital from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Thursday. Citizens Jmp started coverage on Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Marathon Digital in a report on Friday, August 7th. Piper Sandler reduced their price objective on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, Cantor Fitzgerald lowered their price objective on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Marathon Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.78.

Marathon Digital Stock Down 4.5%

The company has a debt-to-equity ratio of 1.15, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $3.56 billion, a PE ratio of -1.01 and a beta of 5.40. The business’s 50 day simple moving average is $12.53 and its 200 day simple moving average is $11.01.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($1.77). The firm had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. Marathon Digital 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% on a year-over-year basis. During the same period last year, the company earned $1.84 EPS. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -2.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the transaction, the chief executive officer directly owned 4,562,009 shares in the company, valued at approximately $65,008,628.25. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $192,000.00. Following the sale, the chief financial officer directly owned 425,066 shares of the company’s stock, valued at approximately $5,100,792. This trade represents a 3.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is currently owned by insiders.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently bought and sold shares of MARA. CI Investments Inc. increased its position in Marathon Digital by 7.6% in the 1st quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after acquiring an additional 957 shares during the period. Integrated Wealth Concepts LLC lifted its position in Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after acquiring an additional 991 shares during the period. Evexia Wealth LLC grew its stake in shares of Marathon Digital by 9.2% in the 1st quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock valued at $106,000 after purchasing an additional 1,090 shares during the last quarter. Sigma Planning Corp grew its stake in shares of Marathon Digital by 12.4% in the 4th quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 1,320 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in shares of Marathon Digital by 38.6% in the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,340 shares during the period. 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.