Profund Advisors LLC Reduces Stock Holdings in Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Profund Advisors LLC reduced its position in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 26.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,166 shares of the business services provider’s stock after selling 11,014 shares during the quarter. Profund Advisors LLC’s holdings in Marathon Digital were worth $619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in Marathon Digital by 38.5% during the fourth quarter. Principal Financial Group Inc. now owns 24,607 shares of the business services provider’s stock valued at $578,000 after purchasing an additional 6,836 shares during the last quarter. Scotia Capital Inc. purchased a new stake in shares of Marathon Digital during the 4th quarter valued at approximately $330,000. Intrepid Financial Planning Group LLC boosted its holdings in 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 worth $555,000 after buying an additional 930 shares during the period. Accuvest Global Advisors purchased a new position in Marathon Digital in the 4th quarter valued at approximately $391,000. Finally, Tower Research Capital LLC TRC raised its holdings in Marathon Digital by 1,920.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 165,029 shares of the business services provider’s stock valued at $3,877,000 after acquiring an additional 156,861 shares during the period. 44.53% of the stock is currently owned by institutional investors.

Marathon Digital Stock Up 2.1 %

MARA stock opened at $16.41 on Wednesday. The company’s 50 day moving average is $17.50 and its 200 day moving average is $18.86. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 7.63 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 1-year low of $7.16 and a 1-year high of $34.09.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same quarter last year, the business posted ($0.13) EPS. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. Sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,512 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction on Friday, September 20th. The shares were 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 approximately $67,169,451.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital 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 owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The disclosure for this sale can be found here. Insiders sold a total of 46,212 shares of company stock valued at $726,178 over the last 90 days. Insiders own 1.11% of the company’s stock.

Analysts Set New Price Targets

MARA has been the subject of several recent research reports. Macquarie initiated coverage on Marathon Digital in a research report on Tuesday. They issued an “outperform” rating and a $22.00 price target for the company. JPMorgan Chase & Co. decreased 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. B. Riley raised their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.61.

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.