Marathon Digital (NASDAQ:MARA) Stock Price Up 5.4% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 5.4% during mid-day trading on Tuesday . The stock traded as high as $10.60 and last traded at $10.52. Approximately 37,880,918 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 41,662,500 shares. The stock had previously closed at $9.98.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday, December 29th. Piper Sandler cut their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. JPMorgan Chase & Co. decreased their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Finally, Cantor Fitzgerald lowered their price objective on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Price Performance

The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 5.84 and a beta of 5.34. The business has a 50 day moving average price of $10.72 and a 200-day moving average price of $14.97. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The business had revenue of $252.41 million for 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%. Research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Zabi Nowaid sold 25,113 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This trade represents a 3.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the sale, the chief financial officer directly owned 248,566 shares of the company’s stock, valued at $2,853,537.68. The trade was a 12.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 182,979 shares of company stock worth $2,234,934. 0.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently modified their holdings of the company. Bessemer Group Inc. raised its holdings in Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after buying an additional 659 shares during the last quarter. Fifth Third Bancorp raised its position in Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock valued at $29,000 after buying an additional 683 shares during the last quarter. CX Institutional lifted its stake in Marathon Digital by 12.6% during the 2nd quarter. CX Institutional now owns 6,698 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 749 shares in the last quarter. Archer Investment Corp boosted its holdings in Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock worth $120,000 after acquiring an additional 750 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of Marathon Digital by 15.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after acquiring an additional 799 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.