Marathon Digital (NASDAQ:MARA) Shares Up 7.7% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 7.7% during mid-day trading on Wednesday . The stock traded as high as $9.89 and last traded at $9.65. 66,330,289 shares changed hands during mid-day trading, an increase of 45% from the average session volume of 45,714,355 shares. The stock had previously closed at $8.96.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Piper Sandler lowered their price target on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Cantor Fitzgerald lowered their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Marathon Digital in a research report on Friday, August 7th. Citizens Jmp began coverage on Marathon Digital in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 price target on the stock. Finally, BTIG Research reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Monday, June 1st. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.78.

Marathon Digital Price Performance

The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of -1.05 and a beta of 5.40. The company has a 50-day moving average price of $12.21 and a 200-day moving average price of $10.98. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.89 and a current ratio of 0.89.

Marathon Digital (NASDAQ:MARA) 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 firm had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. During the same quarter in the prior year, the business earned $1.84 earnings per share. The business’s revenue was down 26.7% on a year-over-year basis. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.24 EPS for the current fiscal year.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the sale, the chief executive officer owned 4,562,009 shares in the company, valued at $65,008,628.25. This represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the sale, the general counsel directly owned 963,768 shares in the company, valued at $13,733,694. The trade was a 0.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 57,505 shares of company stock valued at $831,696. 0.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ascentis Independent Advisors bought a new stake in shares of Marathon Digital in the first quarter worth about $28,000. Bogart Wealth LLC lifted its holdings in shares of Marathon Digital by 4,345.1% during the 1st quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Marathon Digital in the 4th quarter valued at approximately $36,000. Hantz Financial Services Inc. grew its position in shares of Marathon Digital by 344.8% in the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 3,893 shares during the period. Finally, CoreCap Advisors LLC increased its stake 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 purchasing an additional 2,050 shares in 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.