Marathon Digital (NASDAQ:MARA) Stock Price Down 2.6% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price fell 2.6% during mid-day trading on Thursday . The stock traded as low as $10.14 and last traded at $10.29. 41,714,450 shares changed hands during trading, an increase of 0% from the average session volume of 41,687,047 shares. The stock had previously closed at $10.56.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Guggenheim initiated coverage on Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating on the stock. Macquarie raised their price target on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Rosenblatt Securities cut their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Finally, Cantor Fitzgerald cut their target price on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Marathon Digital currently has a consensus rating of “Moderate Buy” and an average target price of $22.44.

Marathon Digital Stock Down 2.6%

The stock has a 50-day simple moving average of $10.83 and a 200-day simple moving average of $15.15. The firm has a market capitalization of $3.89 billion, a PE ratio of 5.72 and a beta of 5.34. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The company had revenue of $252.41 million during the quarter, compared to the consensus estimate of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. Analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the completion of the sale, the chief financial officer directly owned 248,566 shares in the company, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the transaction, the general counsel directly owned 723,136 shares of the company’s stock, valued at $11,476,168.32. The trade was a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 155,474 shares of company stock valued at $1,937,880 over the last quarter. 0.80% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MARA. UBS Group AG grew its holdings in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares during the period. Marex Group plc bought a new stake in Marathon Digital in the second quarter worth $84,301,000. Voloridge Investment Management LLC bought a new position in shares of Marathon Digital during the third quarter valued at $93,066,000. Vanguard Group Inc. raised its position in shares of Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after purchasing an additional 4,049,979 shares during the last quarter. Finally, Norges Bank bought a new position in Marathon Digital in the 2nd quarter worth about $59,255,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.