Marathon Digital (NASDAQ:MARA) Reaches New 12-Month Low – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $8.95 and last traded at $8.98, with a volume of 30323992 shares changing hands. The stock had previously closed at $9.33.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MARA. Guggenheim started coverage on Marathon Digital in a research report on Tuesday, October 21st. They issued a “neutral” rating for the company. BTIG Research reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Friday, September 5th. Rosenblatt Securities lowered their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. 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, JPMorgan Chase & Co. decreased their target price on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.56.

Marathon Digital Stock Performance

The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 5.51 and a beta of 5.34. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The stock has a 50-day simple moving average of $12.49 and a 200-day simple moving average of $15.59.

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

Insider Activity

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.48, for a total transaction of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares in the company, valued at $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction that occurred on 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. This represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 218,711 shares of company stock worth $3,286,669. 0.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in MARA. Bank of New York Mellon Corp boosted its position in shares of Marathon Digital by 8.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares in the last quarter. Emerald Advisers LLC raised its holdings in shares of Marathon Digital by 77.4% in the 2nd quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after purchasing an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its stake in Marathon Digital by 91.3% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after purchasing an additional 165,688 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Marathon Digital by 14.5% during the first quarter. Intech Investment Management LLC now owns 160,717 shares of the business services provider’s stock worth $1,848,000 after buying an additional 20,413 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in Marathon Digital by 12.0% in the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after buying an additional 34,100 shares during the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.