Marathon Digital (NASDAQ:MARA) Stock Price Up 7.2% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 7.2% during trading on Monday . The stock traded as high as $18.38 and last traded at $18.29. Approximately 21,251,490 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 53,618,250 shares. The stock had previously closed at $17.06.

Analyst Ratings Changes

Several brokerages have issued reports on MARA. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, October 10th. Cantor Fitzgerald initiated coverage on shares of Marathon Digital in a research note on Thursday, October 10th. They issued an “overweight” rating and a $21.00 price objective for the company. B. Riley lifted their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Macquarie initiated coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price target for the company. Finally, JPMorgan Chase & Co. decreased 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 assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $19.79.

Marathon Digital Price Performance

The company’s fifty day simple moving average is $16.52 and its 200-day simple moving average is $18.35. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The firm has a market capitalization of $5.36 billion, a PE ratio of 8.81 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). The company had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. Marathon Digital’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. On average, analysts forecast that Marathon Digital Holdings, Inc. will post -1.05 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 the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $15.70, for a total value of $262,190.00. Following 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the company’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 transaction, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the transaction, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,417 shares of company stock valued at $1,516,536. 1.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC raised its position in shares of Marathon Digital by 27.7% during the 3rd quarter. Private Advisor Group LLC now owns 226,199 shares of the business services provider’s stock worth $3,669,000 after purchasing an additional 49,062 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in Marathon Digital during the 3rd quarter valued at about $640,000. Rhumbline Advisers grew its stake in Marathon Digital by 126.5% during the 2nd quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock valued at $15,615,000 after acquiring an additional 439,309 shares in the last quarter. Thrivent Financial for Lutherans purchased a new stake in Marathon Digital during the 2nd quarter valued at about $4,498,000. Finally, Public Sector Pension Investment Board purchased a new stake in Marathon Digital during the 2nd quarter valued at about $11,920,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

About Marathon Digital

MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.