Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Sells $16,000.00 in Stock

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas K. Mellinger sold 1,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $16.00, for a total transaction of $16,000.00. Following the completion of the sale, the director now directly owns 141,756 shares in the company, valued at approximately $2,268,096. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Marathon Digital Stock Performance

MARA stock opened at $15.87 on Wednesday. The business has a fifty day moving average price of $18.19 and a 200 day moving average price of $19.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. Marathon Digital Holdings, Inc. has a fifty-two week low of $7.16 and a fifty-two week high of $34.09. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 7.38 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) earnings per share. Analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MARA shares. B. Riley upped their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. lowered their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday, August 23rd. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.22.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of the stock. SRN Advisors LLC increased its holdings in shares of Marathon Digital by 136.4% in the second quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider’s stock valued at $3,002,000 after purchasing an additional 87,274 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Marathon Digital during the second quarter worth $1,518,000. Cetera Investment Advisers lifted its stake in shares of Marathon Digital by 58.5% during the second quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock valued at $5,150,000 after acquiring an additional 95,774 shares during the period. Second Line Capital LLC bought a new position in Marathon Digital in the second quarter valued at about $4,060,000. Finally, Creative Planning increased its position in Marathon Digital by 26.4% in the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock worth $573,000 after purchasing an additional 6,035 shares during the period. 44.53% of the stock is owned by institutional investors.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.