Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report)’s share price rose 1.3% during trading on Tuesday . The stock traded as high as $10.15 and last traded at $9.68. Approximately 36,839,631 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 45,685,629 shares. The stock had previously closed at $9.56.
Analyst Ratings Changes
MARA has been the subject of several recent research reports. Morgan Stanley lifted their target price on shares of Marathon Digital from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Thursday. Piper Sandler dropped their price target on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Marathon Digital in a report on Friday, August 7th. Cantor Fitzgerald decreased their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, Citizens Jmp initiated coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and an average target price of $18.78.
Get Our Latest Analysis on MARA
Marathon Digital Trading Down 4.3%
Marathon Digital (NASDAQ:MARA – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). The company had revenue of $174.88 million for the quarter, compared to analyst estimates of $209.44 million. Marathon Digital had a negative return on equity of 26.05% and a negative net margin of 429.71%.The business’s revenue was down 26.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.84 earnings per share. On average, research analysts forecast that Marathon Digital Holdings, Inc. will post -2.28 EPS for the current year.
Insider Transactions at Marathon Digital
In other news, General Counsel Zabi Nowaid sold 8,250 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $99,000.00. Following the transaction, the general counsel owned 970,768 shares in the company, valued at $11,649,216. This trade represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s 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 sale, the chief executive officer owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. The trade was a 0.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 109,260 shares of company stock worth $1,452,756 over the last three months. 0.97% of the stock is owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. CI Investments Inc. raised its position in Marathon Digital by 7.6% in the first quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after purchasing an additional 957 shares during the period. Integrated Wealth Concepts LLC boosted its position in shares of Marathon Digital by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the period. Evexia Wealth LLC boosted its position in shares of Marathon Digital by 9.2% in the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock worth $106,000 after buying an additional 1,090 shares during the period. Sigma Planning Corp grew its stake in shares of Marathon Digital by 12.4% in the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,320 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Marathon Digital by 38.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after buying an additional 1,340 shares during the period. 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.
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