Marathon Digital Holdings, Inc. (NASDAQ:MARA) Receives $19.79 Average Target Price from Brokerages

Marathon Digital Holdings, Inc. (NASDAQ:MARA) has been given a consensus rating of “Hold” by the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $19.79.

MARA has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Cantor Fitzgerald began coverage on Marathon Digital in a research report on Thursday, October 10th. They set an “overweight” rating and a $21.00 price target on the stock. Macquarie initiated coverage on Marathon Digital in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, B. Riley increased their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th.

Insider Activity at Marathon Digital

In other Marathon Digital news, 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 transaction, the chief financial officer now directly 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 Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at $33,022,547.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the company’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 transaction, the chief executive officer now 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. Insiders sold a total of 47,212 shares of company stock worth $742,948 over the last quarter. 1.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after purchasing an additional 4,950,392 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Marathon Digital by 261.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock valued at $64,249,000 after buying an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Marathon Digital by 186.6% in the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after acquiring an additional 1,327,969 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Marathon Digital by 4,394.8% in the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after acquiring an additional 1,324,625 shares during the last quarter. Finally, Public Sector Pension Investment Board bought a new position in shares of Marathon Digital during the second quarter valued at $11,920,000. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Stock Performance

NASDAQ:MARA opened at $18.08 on Monday. The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 8.41 and a beta of 5.50. The business has a 50 day moving average of $16.11 and a 200 day moving average of $18.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. Marathon Digital has a 1-year low of $7.63 and a 1-year high of $34.09.

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 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 the consensus estimate of $157.86 million. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. The company’s revenue was up 77.5% compared to the same quarter last year. On average, sell-side analysts predict that Marathon Digital will post -1.06 earnings per share for the current fiscal year.

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.