State of New Jersey Common Pension Fund D Sells 29,523 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA)

State of New Jersey Common Pension Fund D decreased its holdings in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 22.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 100,707 shares of the business services provider’s stock after selling 29,523 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Marathon Digital were worth $1,999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MARA. Rhumbline Advisers grew its position in Marathon Digital by 126.5% in the 2nd quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock valued at $15,615,000 after acquiring an additional 439,309 shares during the last quarter. Vima LLC purchased a new position in Marathon Digital in the 4th quarter worth about $949,000. Virtu Financial LLC bought a new stake in Marathon Digital during the 4th quarter valued at about $1,629,000. American International Group Inc. boosted its position in Marathon Digital by 4.3% in the 1st quarter. American International Group Inc. now owns 110,489 shares of the business services provider’s stock valued at $2,495,000 after buying an additional 4,593 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Marathon Digital by 22.5% in the 1st quarter. Principal Financial Group Inc. now owns 30,141 shares of the business services provider’s stock worth $681,000 after acquiring an additional 5,534 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MARA. B. Riley lifted their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. dropped 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average price target of $19.22.

Insider Buying and Selling

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at $33,022,547.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Salman Hassan Khan sold 16,700 shares of the company’s 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 approximately $33,022,547.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $15.70, for a total value of $431,938.40. Following the completion of the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The disclosure for this sale can be found here. Insiders sold a total of 46,212 shares of company stock worth $726,178 in the last 90 days. 1.11% of the stock is owned by corporate insiders.

Marathon Digital Stock Up 0.6 %

Shares of NASDAQ MARA opened at $15.54 on Friday. The stock has a market capitalization of $4.39 billion, a PE 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. Marathon Digital Holdings, Inc. has a 12-month low of $7.16 and a 12-month high of $34.09. The stock’s fifty day simple moving average is $17.88 and its two-hundred day simple moving average is $19.00.

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

About Marathon Digital

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.