Marathon Digital (NASDAQ:MARA) Trading 7.8% Higher – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 7.8% on Monday . The stock traded as high as $17.45 and last traded at $17.33. Approximately 22,886,904 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 53,885,813 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

Several research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Thursday. 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. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Cantor Fitzgerald assumed coverage on Marathon Digital in a research report on Thursday. They issued an “overweight” rating and a $21.00 target price on the stock. Finally, 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 report on Friday, July 12th. 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.79.

Marathon Digital Trading Up 5.8 %

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 firm has a market capitalization of $4.81 billion, a P/E ratio of 8.06 and a beta of 5.50. The firm has a 50 day moving average price of $16.11 and a two-hundred day moving average price of $18.46.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results 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 net margin of 62.57% and a negative return on equity of 5.15%. The company had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. During the same quarter last year, the business earned ($0.13) EPS. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current fiscal year.

Insider Activity

In related news, CFO Salman Hassan Khan sold 16,700 shares of the firm’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 value of $262,190.00. Following the completion of the transaction, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Frederick G. Thiel sold 27,512 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,212 shares of company stock worth $726,178 over the last 90 days. 1.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Marathon Digital by 26.7% in 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 acquiring an additional 4,950,392 shares during the last quarter. Dimensional Fund Advisors LP increased its position 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 worth $64,249,000 after buying an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 valued at $40,485,000 after buying an additional 1,327,969 shares in the last quarter. Principal Financial Group Inc. lifted its position 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 buying an additional 1,324,625 shares during the last quarter. Finally, Public Sector Pension Investment Board bought a new stake in shares of Marathon Digital during the 2nd quarter worth about $11,920,000. 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.