Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report)’s stock price dropped 7.8% during mid-day trading on Tuesday . The company traded as low as $8.91 and last traded at $8.96. Approximately 45,036,097 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 45,553,887 shares. The stock had previously closed at $9.72.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on MARA. Citizens Jmp began coverage on shares of Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price objective for the company. Piper Sandler lowered their target price on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, July 17th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Monday, June 1st. Morgan Stanley increased their price target on shares of Marathon Digital from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Thursday, August 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $15.00 price objective on shares of Marathon Digital in a research note on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Marathon Digital has a consensus rating of “Moderate Buy” and an average target price of $18.78.
Read Our Latest Report on Marathon Digital
Marathon Digital Stock Performance
Marathon Digital (NASDAQ:MARA – Get Free Report) last announced its quarterly earnings results 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). Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business had revenue of $174.88 million for the quarter, compared to analyst estimates of $209.44 million. During the same period last year, the firm earned $1.84 earnings per share. The company’s quarterly revenue was down 26.7% on a year-over-year basis. On average, analysts expect that Marathon Digital Holdings, Inc. will post -2.28 EPS for the current year.
Insider Buying and Selling at Marathon Digital
In related news, Director Douglas K. Mellinger sold 7,000 shares of Marathon Digital stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director owned 231,618 shares in the company, valued at approximately $3,705,888. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 Marathon Digital stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $391,946.25. Following the transaction, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. The trade was a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 57,505 shares of company stock worth $831,696. 0.97% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. boosted its position in shares of Marathon Digital by 24.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 50,275 shares of the business services provider’s stock worth $698,000 after buying an additional 9,873 shares during the period. GAMMA Investing LLC raised its holdings in shares of Marathon Digital by 20.0% during the 2nd quarter. GAMMA Investing LLC now owns 25,506 shares of the business services provider’s stock valued at $354,000 after buying an additional 4,246 shares during the period. Moody National Bank Trust Division acquired a new position in Marathon Digital during the 2nd quarter worth approximately $1,858,000. CoreCap Advisors LLC lifted its position in Marathon Digital by 128.0% during the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock worth $51,000 after acquiring an additional 2,050 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Marathon Digital by 257.3% in the 2nd quarter. Versant Capital Management Inc now owns 4,966 shares of the business services provider’s stock worth $69,000 after acquiring an additional 3,576 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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