Marathon Digital (NASDAQ:MARA) Trading 11.2% Higher – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 11.2% on Friday . The stock traded as high as $7.46 and last traded at $7.4860. 10,149,302 shares changed hands during trading, a decline of 76% from the average session volume of 42,512,078 shares. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MARA shares. Macquarie boosted their price target on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Piper Sandler reduced their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. Rosenblatt Securities dropped their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Guggenheim began coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 24th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 4.51 and a beta of 5.56. The business’s fifty day simple moving average is $10.43 and its 200 day simple moving average is $14.46.

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

Insider Transactions at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the transaction, the chief financial officer directly owned 283,298 shares of the company’s stock, valued at approximately $3,396,743.02. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the sale, the chief executive officer directly owned 3,517,566 shares of the company’s stock, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 178,092 shares of company stock valued at $2,153,321 over the last ninety days. 0.80% of the stock is owned by company insiders.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its position in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after buying an additional 659 shares during the last quarter. Archer Investment Corp boosted its holdings in Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock worth $120,000 after acquiring an additional 750 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Marathon Digital by 15.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after acquiring an additional 799 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Marathon Digital by 3.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock worth $537,000 after acquiring an additional 882 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Marathon Digital by 2.7% in the second quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider’s stock valued at $556,000 after purchasing an additional 934 shares during the last quarter. 44.53% of the stock is owned by institutional investors.

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.