Marathon Digital (NASDAQ:MARA) Shares Down 1.3% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares fell 1.3% during trading on Wednesday . The company traded as low as $15.44 and last traded at $15.62. 8,904,615 shares traded hands during trading, a decline of 84% from the average session volume of 54,215,012 shares. The stock had previously closed at $15.83.

Analysts Set New Price Targets

A number of research firms have recently commented on MARA. B. Riley lifted their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. cut their target price 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. Macquarie began coverage on Marathon Digital in a research report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Marathon Digital presently has an average rating of “Hold” and a consensus target price of $19.61.

Marathon Digital Stock Performance

The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average of $16.28 and a 200-day moving average of $18.58. The stock has a market cap of $4.42 billion, a PE ratio of 7.27 and a beta of 5.50.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period in the prior year, the firm posted ($0.13) EPS. Marathon Digital’s revenue for the quarter was up 77.5% compared to the same quarter last year. On average, equities analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital 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 value of $262,190.00. Following 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Salman Hassan Khan sold 16,700 shares of the business’s 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 sale, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total value of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at $67,169,451.30. This trade represents a 0.00 % decrease in their position. 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. 1.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently modified their holdings of the company. Beaird Harris Wealth Management LLC boosted its stake in shares of Marathon Digital by 121.1% during 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 acquired a new position in shares of Marathon Digital during the 1st quarter worth approximately $90,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Marathon Digital during the 1st quarter worth approximately $105,000. Tobam raised its position in shares of Marathon Digital by 173.0% during the 3rd quarter. Tobam now owns 7,701 shares of the business services provider’s stock worth $125,000 after purchasing an additional 4,880 shares during the last quarter. Finally, GAMMA Investing LLC raised its position 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 during the last quarter. Hedge funds and other 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.