Marathon Digital (NASDAQ:MARA) Shares Gap Up to $15.34

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares gapped up before the market opened on Thursday . The stock had previously closed at $15.34, but opened at $16.38. Marathon Digital shares last traded at $16.17, with a volume of 6,673,061 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MARA. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Finally, B. Riley upped their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Marathon Digital has an average rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Stock Up 0.6 %

The company has a market cap of $4.39 billion, a price-to-earnings ratio of 7.23 and a beta of 5.51. 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 stock has a 50-day simple moving average of $17.88 and a 200-day simple moving average of $19.00.

Marathon Digital (NASDAQ:MARA) last announced its 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). The company had revenue of $145.14 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the sale, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The disclosure for this sale can be found here. Insiders sold 46,212 shares of company stock worth $726,178 over the last ninety days. Company insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Hedge funds have recently made changes to their positions in the company. Beaird Harris Wealth Management LLC raised its stake in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 695 shares during the period. Ranch Capital Advisors Inc. boosted its position in Marathon Digital by 6.1% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock worth $269,000 after acquiring an additional 780 shares during the period. Ameritas Investment Partners Inc. grew its stake in Marathon Digital by 4.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after acquiring an additional 881 shares in the last quarter. Intrepid Financial Planning Group LLC increased its holdings in shares of Marathon Digital by 4.1% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after purchasing an additional 930 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Marathon Digital by 2.1% in the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock worth $1,603,000 after purchasing an additional 1,430 shares in the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.