Douglas K. Mellinger Sells 1,000 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) Stock

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas K. Mellinger sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $16.00, for a total transaction of $16,000.00. Following the transaction, the director now directly owns 141,756 shares in the company, valued at approximately $2,268,096. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Marathon Digital Price Performance

MARA stock opened at $15.87 on Wednesday. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 7.38 and a beta of 5.51. The company has a 50-day moving average of $18.19 and a two-hundred day moving average of $19.20. Marathon Digital Holdings, Inc. has a 52-week low of $7.16 and a 52-week high of $34.09. 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 (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) 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 analyst estimates of $157.86 million. During the same period last year, the business earned ($0.13) EPS. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. B. Riley increased their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. reduced their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.22.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Beaird Harris Wealth Management LLC grew its position in Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC bought a new position in Marathon Digital during the first quarter valued at about $90,000. DekaBank Deutsche Girozentrale bought a new position in Marathon Digital during the first quarter valued at about $105,000. GAMMA Investing LLC lifted its position in shares of Marathon Digital by 108.0% in the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after acquiring an additional 3,565 shares during the period. Finally, Natixis acquired a new stake in shares of Marathon Digital during the 1st quarter worth approximately $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.