Marathon Digital (NASDAQ:MARA) Shares Up 7.8% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 7.8% during mid-day trading on Monday . The stock traded as high as $17.45 and last traded at $17.33. 22,886,904 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 53,885,813 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Friday, August 23rd. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Thursday, October 10th. Cantor Fitzgerald started coverage on shares of Marathon Digital in a report on Thursday, October 10th. They set an “overweight” rating and a $21.00 target price for the company. Macquarie started coverage on Marathon Digital in a report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price target for the company. Finally, B. Riley boosted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.79.

Marathon Digital Stock Up 6.9 %

The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 8.30 and a beta of 5.50. The stock has a 50-day moving average of $16.11 and a 200-day moving average of $18.38.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The firm had revenue of $145.14 million for the quarter, compared to analyst estimates of $157.86 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. The firm’s revenue was up 77.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insider Transactions at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of the transaction, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Salman Hassan Khan sold 16,700 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total value of $431,938.40. Following the transaction, the chief executive officer now directly owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,212 shares of company stock worth $742,948. 1.11% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. American International Group Inc. increased its holdings in Marathon Digital by 24.0% during the fourth quarter. American International Group Inc. now owns 105,896 shares of the business services provider’s stock worth $2,487,000 after buying an additional 20,472 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Marathon Digital by 26.7% in the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after buying an additional 4,950,392 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Marathon Digital by 91.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,624 shares of the business services provider’s stock worth $1,188,000 after purchasing an additional 25,205 shares during the period. Pasadena Private Wealth LLC increased its stake in Marathon Digital by 25.2% during the 1st quarter. Pasadena Private Wealth LLC now owns 12,609 shares of the business services provider’s stock valued at $285,000 after purchasing an additional 2,537 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in shares of Marathon Digital during the first quarter valued at approximately $624,000. 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.