Marathon Digital (NASDAQ:MARA) Given New $10.00 Price Target at Cantor Fitzgerald

Marathon Digital (NASDAQ:MARA) had its price target dropped by equities researchers at Cantor Fitzgerald from $11.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 4.23% from the stock’s current price.

MARA has been the subject of several other reports. Morgan Stanley started coverage on Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 price objective for the company. Weiss Ratings lowered Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Piper Sandler reduced their price objective on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.90.

Marathon Digital Stock Performance

Shares of NASDAQ MARA traded up $0.09 during midday trading on Thursday, reaching $9.59. The company’s stock had a trading volume of 12,210,559 shares, compared to its average volume of 46,700,688. The firm has a 50 day moving average price of $8.48 and a 200-day moving average price of $12.04. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market capitalization of $3.65 billion, a P/E ratio of -2.39 and a beta of 5.29. Marathon Digital has a 12-month low of $6.66 and a 12-month high of $23.45.

Marathon Digital (NASDAQ:MARA) last issued 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 during 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%.Marathon Digital’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm posted $1.24 earnings per share. As a group, equities analysts predict that Marathon Digital will post -1.04 earnings per share for the current year.

Insider Transactions at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $252,495.90. Following the sale, the chief executive officer owned 4,788,954 shares in the company, valued at approximately $43,962,597.72. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 16,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total value of $146,880.00. Following the completion of the sale, the chief financial officer owned 343,165 shares in the company, valued at $3,150,254.70. This trade represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 114,515 shares of company stock worth $1,029,678. Insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Marathon Digital by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock valued at $419,422,000 after purchasing an additional 1,394,559 shares in the last quarter. State Street Corp raised its position in Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares in the last quarter. UBS Group AG raised its position in 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 purchasing an additional 6,172,110 shares in the last quarter. Marex Group plc raised its position in Marathon Digital by 2.6% during the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after purchasing an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Marathon Digital by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after purchasing an additional 251,674 shares in the last quarter. 44.53% of the stock is 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.