Marathon Digital (NASDAQ:MARA) Shares Up 2.3%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 2.3% during trading on Monday . The company traded as high as $16.11 and last traded at $15.89. 8,920,612 shares changed hands during trading, a decline of 84% from the average session volume of 55,561,180 shares. The stock had previously closed at $15.54.

Analyst Ratings Changes

A number of brokerages have commented on MARA. B. Riley boosted 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. JPMorgan Chase & Co. decreased their price target on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 target price 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 given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The firm has a market cap of $4.55 billion, a PE ratio of 7.39 and a beta of 5.51. The firm has a 50-day simple moving average of $17.88 and a 200 day simple moving average of $18.95.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million for 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%. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.13) EPS. As a group, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling at Marathon Digital

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

Institutional Investors Weigh In On Marathon Digital

Several large investors have recently bought and sold shares of MARA. Vanguard Group Inc. increased its holdings in Marathon Digital by 26.7% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in Marathon Digital by 261.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after buying an additional 2,340,472 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Marathon Digital by 186.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after buying an additional 1,327,969 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Marathon Digital by 4,394.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after buying an additional 1,324,625 shares in the last quarter. Finally, Public Sector Pension Investment Board bought a new stake in shares of Marathon Digital during the 2nd quarter valued at about $11,920,000. 44.53% of the stock is currently 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.