Marathon Digital (NASDAQ:MARA) Coverage Initiated at Macquarie

Macquarie initiated coverage on shares of Marathon Digital (NASDAQ:MARA) in a report released on Tuesday, Benzinga reports. The firm set an “outperform” rating and a $22.00 price target on the business services provider’s stock. Macquarie’s price target would suggest a potential upside of 34.06% from the company’s previous close.

A number of other research analysts also recently weighed in on MARA. B. Riley raised their price target on 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 reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 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 equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.61.

Marathon Digital Stock Up 2.1 %

Shares of NASDAQ MARA traded up $0.34 during midday trading on Tuesday, reaching $16.41. The company’s stock had a trading volume of 35,787,579 shares, compared to its average volume of 55,537,391. Marathon Digital has a fifty-two week low of $7.16 and a fifty-two week high of $34.09. The stock has a 50 day simple moving average of $17.71 and a 200-day simple moving average of $18.91. The stock has a market capitalization 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 (NASDAQ:MARA) last issued its quarterly earnings results 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 business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The company’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) earnings per share. Equities research analysts predict that Marathon Digital will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction dated 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 sale, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now directly owns 4,278,309 shares in the company, valued at $67,169,451.30. The disclosure for this sale can be found here. Insiders have sold a total of 46,212 shares of company stock worth $726,178 over the last ninety days. Insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

A number of institutional investors have recently bought and sold shares of MARA. Beaird Harris Wealth Management LLC raised its position in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital in the 1st quarter valued at $90,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Marathon Digital during the 1st quarter valued at $105,000. GAMMA Investing LLC grew its holdings in shares of Marathon Digital by 108.0% during 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, Natixis bought a new position in shares of Marathon Digital in the first quarter worth $177,000. Institutional investors own 44.53% of the company’s stock.

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.