Marathon Digital (NASDAQ:MARA) Stock Price Down 6.5%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 6.5% during trading on Tuesday . The stock traded as low as $15.06 and last traded at $15.17. 13,745,034 shares traded hands during trading, a decline of 75% from the average session volume of 55,018,227 shares. The stock had previously closed at $16.22.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MARA. Macquarie initiated coverage on shares of Marathon Digital in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective for the company. B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a report 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 report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and an average target price of $19.61.

Marathon Digital Stock Performance

The firm has a 50 day moving average price of $16.89 and a 200-day moving average price of $18.78. 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 capitalization of $4.26 billion, a price-to-earnings ratio of 7.02 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last issued 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 negative return on equity of 5.15% and a net margin of 62.57%. The firm had revenue of $145.14 million during the quarter, compared to analysts’ expectations 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 expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Transactions at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,512 shares of the 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 transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Frederick G. Thiel sold 27,512 shares of the firm’s 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 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction on 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 directly owns 2,103,347 shares in the company, valued at $33,022,547.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,212 shares of company stock valued at $726,178. Corporate insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently made changes to their positions in MARA. SRN Advisors LLC boosted its stake in shares of Marathon Digital by 136.4% during the 2nd quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider’s stock worth $3,002,000 after acquiring an additional 87,274 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in Marathon Digital during the 2nd quarter valued at $1,518,000. Cetera Investment Advisers increased its position in Marathon Digital by 58.5% during the second quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock worth $5,150,000 after buying an additional 95,774 shares in the last quarter. Second Line Capital LLC acquired a new position in shares of Marathon Digital in the second quarter worth $4,060,000. Finally, Creative Planning lifted its position in shares of Marathon Digital by 26.4% in the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock valued at $573,000 after acquiring an additional 6,035 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.