MARA’s (MARA) Buy Rating Reaffirmed at HC Wainwright

MARA (NASDAQ:MARA)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $20.00 price target on the business services provider’s stock. HC Wainwright’s price target points to a potential upside of 74.98% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Cantor Fitzgerald dropped their price objective on shares of MARA from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 target price on shares of MARA in a research note on Friday, August 7th. Citizens Jmp initiated coverage on MARA in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Piper Sandler reduced their price objective on MARA from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, Weiss Ratings raised MARA from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, MARA currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.90.

MARA Price Performance

Shares of NASDAQ MARA opened at $11.43 on Friday. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of -1.25 and a beta of 5.32. MARA has a 52 week low of $6.66 and a 52 week high of $23.45. The company’s 50-day moving average price is $11.25 and its 200 day moving average price is $11.34. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15.

MARA (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. MARA 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. As a group, research analysts forecast that MARA will post -1.24 earnings per share for the current fiscal year.

Insider Activity

In other MARA news, Director Douglas Mellinger sold 7,000 shares of MARA stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the sale, the director directly owned 231,618 shares of the company’s stock, valued at approximately $3,705,888. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Khan sold 16,000 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $147,360.00. Following the completion of 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 ownership of the stock. 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 a total of 109,386 shares of company stock valued at $1,332,889 over the last quarter. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On MARA

Large investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of MARA by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after acquiring an additional 191,380 shares during the last quarter. UBS Group AG boosted its position in shares of MARA by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the last quarter. Marex Group plc grew its holdings in MARA by 2.6% in the fourth quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after purchasing an additional 259,210 shares during the period. Geode Capital Management LLC grew its holdings in MARA by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after purchasing an additional 251,674 shares during the period. Finally, California State Teachers Retirement System increased its position 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 purchasing an additional 5,217,648 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.