MARA Holdings (NASDAQ:MARA – Get Free Report) was down 5% during mid-day trading on Tuesday . The company traded as low as $10.15 and last traded at $10.23. 29,936,191 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 46,201,113 shares. The stock had previously closed at $10.77.
Analyst Upgrades and Downgrades
MARA has been the topic of a number of research reports. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of MARA in a research note on Monday, June 1st. Piper Sandler reduced their price objective on MARA from $16.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Weiss Ratings raised MARA from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 21st. Cantor Fitzgerald lowered their target price on shares of MARA from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Finally, Citizens Jmp assumed coverage on shares of MARA in a report on Wednesday, June 24th. They issued 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.
View Our Latest Stock Analysis on MARA
MARA Trading Down 5.0%
MARA (NASDAQ:MARA – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($1.77). The firm had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business’s quarterly revenue was down 26.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 earnings per share. On average, research analysts expect that MARA Holdings will post -1.24 EPS for the current year.
Insider Activity
In related news, Director Douglas K. Mellinger sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the completion of the transaction, the director directly owned 231,618 shares of the company’s stock, valued at $3,705,888. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total transaction of $253,321.05. Following the completion of the sale, the chief executive officer owned 4,335,697 shares of the company’s stock, valued at approximately $39,931,769.37. The trade was a 0.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 109,386 shares of company stock worth $1,332,889 in the last ninety days. 0.97% of the stock is currently owned by insiders.
Institutional Investors Weigh In On MARA
A number of institutional investors have recently added to or reduced their stakes in MARA. Corient Private Wealth LP raised its stake in shares of MARA by 17.5% during the 2nd quarter. Corient Private Wealth LP now owns 108,198 shares of the business services provider’s stock worth $1,503,000 after buying an additional 16,087 shares in the last quarter. Amundi boosted its stake in shares of MARA by 6.1% in the second quarter. Amundi now owns 56,679 shares of the business services provider’s stock valued at $787,000 after buying an additional 3,254 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of MARA in the second quarter valued at approximately $333,000. California State Teachers Retirement System grew its holdings in MARA by 1,266.3% during the second quarter. California State Teachers Retirement System now owns 5,629,700 shares of the business services provider’s stock worth $78,197,000 after acquiring an additional 5,217,648 shares during the period. Finally, HB Wealth Management LLC acquired a new position in MARA during the second quarter worth $185,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.
About MARA
MARA Holdings, Inc is an energy and digital infrastructure company whose core business is Bitcoin mining. Headquartered in Hallandale Beach, Florida, the company operates large-scale computing infrastructure designed to convert energy into high-value compute workloads.
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