Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Sells $16,000.00 in Stock

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas K. Mellinger sold 1,000 shares of Marathon Digital stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $16.00, for a total value of $16,000.00. Following the sale, the director now directly owns 141,756 shares of the company’s stock, valued at approximately $2,268,096. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Marathon Digital Trading Down 3.3 %

Shares of MARA opened at $15.34 on Thursday. The firm has a fifty day simple moving average of $18.06 and a two-hundred day simple moving average of $19.10. Marathon Digital Holdings, Inc. has a twelve month low of $7.16 and a twelve month high of $34.09. The stock has a market capitalization of $4.34 billion, a P/E ratio of 7.13 and a beta of 5.51. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) 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 business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period in the previous year, the business earned ($0.13) EPS. The business’s revenue was up 77.5% compared to the same quarter last year. On average, research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beaird Harris Wealth Management LLC increased its stake in shares of Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC bought a new position in shares of Marathon Digital during the first quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Marathon Digital during the first quarter valued at approximately $105,000. GAMMA Investing LLC boosted its position in shares of Marathon Digital by 108.0% in the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after purchasing an additional 3,565 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Marathon Digital by 1,555.6% in the 2nd quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock worth $164,000 after buying an additional 7,778 shares during the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.