Piper Sandler Cuts Marathon Digital (NASDAQ:MARA) Price Target to $16.00

Marathon Digital (NASDAQ:MARA) had its price objective cut by Piper Sandler from $26.00 to $16.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

MARA has been the topic of several other research reports. Guggenheim initiated coverage on Marathon Digital in a research report on Tuesday, October 21st. They set a “neutral” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Rosenblatt Securities dropped their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Cantor Fitzgerald decreased their price objective on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Stock Up 6.6%

Marathon Digital stock opened at $11.36 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. Marathon Digital has a 1-year low of $8.95 and a 1-year high of $23.45. The company has a fifty day simple moving average of $11.08 and a 200 day simple moving average of $15.30. The company has a market cap of $4.30 billion, a P/E ratio of 6.31 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last posted 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 for the quarter, compared to analyst estimates of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. Research analysts anticipate that Marathon Digital will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In related news, General Counsel Zabi Nowaid sold 25,113 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the transaction, the general counsel owned 723,136 shares in the company, valued at approximately $11,476,168.32. This represents a 3.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $11.99, for a total transaction 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. This represents a 10.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,474 shares of company stock worth $1,937,880 over the last ninety days. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management boosted its stake in Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 1,300 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Marathon Digital by 59.9% during the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock worth $29,000 after buying an additional 683 shares in the last quarter. Estabrook Capital Management bought a new stake in shares of Marathon Digital in the second quarter valued at about $31,000. Bessemer Group Inc. grew its stake in shares of Marathon Digital by 56.8% in the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 2,001 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.