Marathon Digital (NASDAQ:MARA) Shares Down 0.8% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 0.8% on Thursday . The company traded as low as $15.08 and last traded at $15.32. 6,460,619 shares changed hands during trading, a decline of 88% from the average session volume of 54,059,023 shares. The stock had previously closed at $15.44.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald initiated coverage on Marathon Digital in a research note on Thursday. They issued an “overweight” rating and a $21.00 price objective on the stock. B. Riley lifted their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Macquarie began coverage on Marathon Digital in a research report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday. Two equities research 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 data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and a consensus price target of $19.79.

Marathon Digital Trading Up 5.6 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The company’s fifty day moving average is $16.11 and its two-hundred day moving average is $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 (NASDAQ:MARA) last issued its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The business had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The company’s revenue for the quarter was up 77.5% on a year-over-year basis. During the same period last year, the business earned ($0.13) EPS. On average, research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

Insider Activity at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,700 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other Marathon Digital 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 completion of the sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were 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 owns 4,278,309 shares in the company, 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. Insiders sold a total of 46,212 shares of company stock worth $726,178 in the last 90 days. Corporate insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Marathon Digital by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock valued at $540,002,000 after acquiring an additional 441,455 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Marathon Digital by 261.1% in 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 purchasing an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Marathon Digital by 186.6% during 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 buying an additional 1,327,969 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Marathon Digital by 4,394.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after buying an additional 1,324,625 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Marathon Digital by 12.7% in the 2nd quarter. Millennium Management LLC now owns 1,333,856 shares of the business services provider’s stock worth $26,477,000 after acquiring an additional 149,805 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.