Marathon Digital (NASDAQ:MARA) Trading 6.6% Higher – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 6.6% during mid-day trading on Friday . The company traded as high as $11.57 and last traded at $11.36. Approximately 51,467,571 shares traded hands during trading, an increase of 25% from the average daily volume of 41,096,793 shares. The stock had previously closed at $10.66.

Analyst Upgrades and Downgrades

MARA has been the subject of a number of recent research reports. Cantor Fitzgerald cut their price target on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. dropped their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Macquarie boosted their target price on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Stock Performance

The company has a market cap of $4.30 billion, a price-to-earnings ratio of 6.31 and a beta of 5.34. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a fifty day simple moving average of $11.08 and a 200 day simple moving average of $15.30.

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

Insider Activity

In other news, General Counsel Zabi Nowaid sold 25,113 shares of Marathon Digital stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the transaction, the general counsel directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $10.77, for a total value of $296,228.85. Following the sale, the chief executive officer owned 3,555,489 shares of the company’s stock, valued at approximately $38,292,616.53. The trade was a 0.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 155,474 shares of company stock valued at $1,937,880. 0.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. UBS Group AG raised its position in shares of Marathon Digital by 104.1% during the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Marex Group plc bought a new position in Marathon Digital during the second quarter valued at about $84,301,000. Voloridge Investment Management LLC acquired a new position in Marathon Digital in the 3rd quarter valued at approximately $93,066,000. Vanguard Group Inc. lifted its position in shares of Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares during the period. Finally, Norges Bank acquired a new stake in shares of Marathon Digital during the 2nd quarter worth approximately $59,255,000. Institutional investors and hedge funds 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.