Marathon Digital (NASDAQ:MARA) Trading Down 5.7% – Should You Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were down 5.7% during trading on Wednesday . The stock traded as low as $11.10 and last traded at $11.1590. 13,582,720 shares changed hands during trading, a decline of 71% from the average daily volume of 46,196,309 shares. The stock had previously closed at $11.83.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price target on shares of Marathon Digital in a report on Friday, August 7th. Weiss Ratings raised Marathon Digital from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday. Citizens Jmp started coverage on Marathon Digital in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target on the stock. Cantor Fitzgerald cut their price objective on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, Piper Sandler decreased their price target on shares of Marathon Digital from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.

Marathon Digital Stock Performance

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of -1.21 and a beta of 5.40. The stock has a fifty day moving average price of $11.92 and a 200-day moving average price of $11.04.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($1.77). The business had revenue of $174.88 million for the quarter, compared to analysts’ expectations of $209.44 million. Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business’s revenue was down 26.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.84 earnings per share. On average, analysts expect that Marathon Digital Holdings, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $253,321.05. Following the completion of the transaction, the chief executive officer owned 4,335,697 shares of the company’s stock, valued at $39,931,769.37. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $9.21, for a total value of $147,360.00. Following the transaction, the chief financial officer owned 377,066 shares of the company’s stock, valued at $3,472,777.86. This trade represents a 4.07% 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 90 days, insiders have sold 109,386 shares of company stock worth $1,332,889. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Marathon Digital

Institutional investors have recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Marathon Digital during the 2nd quarter worth about $333,000. California State Teachers Retirement System raised its position in Marathon Digital 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 in the last quarter. HB Wealth Management LLC acquired a new position in Marathon Digital during the second quarter worth approximately $185,000. Chokshi & Queen Wealth Advisors Inc grew its holdings in Marathon Digital by 233.0% in the 2nd quarter. Chokshi & Queen Wealth Advisors Inc now owns 36,400 shares of the business services provider’s stock valued at $506,000 after buying an additional 25,470 shares in the last quarter. Finally, Compass Financial Management LLC bought a new position in Marathon Digital in the second quarter valued at approximately $6,000,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.