Cantor Fitzgerald Initiates Coverage on Marathon Digital (NASDAQ:MARA)

Cantor Fitzgerald started coverage on shares of Marathon Digital (NASDAQ:MARA) in a research note issued on Thursday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $21.00 price target on the business services provider’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 30.60% from the stock’s previous close.

MARA has been the subject of several other research reports. JPMorgan Chase & Co. reduced their price objective 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. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. B. Riley boosted their price target on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Finally, Macquarie initiated coverage on Marathon Digital in a report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.79.

Marathon Digital Stock Performance

Shares of MARA stock opened at $16.08 on Thursday. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $18.50. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 10.31 and a beta of 5.50. Marathon Digital has a 12-month low of $7.55 and a 12-month 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 for the quarter, compared to analyst estimates of $157.86 million. During the same period in the prior year, the company earned ($0.13) EPS. The company’s revenue was up 77.5% on a year-over-year basis. On average, equities analysts forecast that Marathon Digital will post -1.06 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $33,022,547.90. This 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 worth $726,178. 0.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in MARA. Beaird Harris Wealth Management LLC grew its holdings in 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 purchasing an additional 695 shares during the period. Ranch Capital Advisors Inc. grew its stake in shares of Marathon Digital by 6.1% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock valued at $269,000 after buying an additional 780 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of Marathon Digital by 4.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock worth $505,000 after buying an additional 881 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Marathon Digital by 2.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock worth $1,603,000 after buying an additional 1,430 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its holdings in Marathon Digital by 2.9% in the second quarter. Kingswood Wealth Advisors LLC now owns 66,561 shares of the business services provider’s stock valued at $1,321,000 after acquiring an additional 1,845 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.