Marathon Digital (NASDAQ:MARA) Stock Price Down 2.5% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 2.5% on Thursday . The company traded as low as $12.23 and last traded at $12.70. 39,753,357 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 46,933,625 shares. The stock had previously closed at $13.03.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Rosenblatt Securities raised their price objective on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Piper Sandler dropped their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Cantor Fitzgerald dropped their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.22.

Marathon Digital Trading Down 2.5%

The business’s fifty day moving average is $9.60 and its 200-day moving average is $10.98. The firm has a market cap of $4.84 billion, a P/E ratio of -3.21 and a beta of 5.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.27 and a current ratio of 1.27.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The firm had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. During the same quarter in the previous year, the business posted $1.24 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. Analysts predict that Marathon Digital Holdings, Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Marathon Digital news, General Counsel Zabi Nowaid sold 42,090 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the transaction, the general counsel owned 1,007,047 shares in the company, valued at approximately $12,084,564. This trade represents a 4.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at approximately $43,962,597.72. The trade was a 0.57% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 172,605 shares of company stock worth $1,745,843. 0.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the last quarter. State Street Corp raised its holdings in Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after purchasing an additional 191,380 shares during the last quarter. UBS Group AG raised its holdings in Marathon Digital by 104.1% during the 3rd 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 last quarter. Marex Group plc raised its holdings in Marathon Digital by 2.6% during the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock worth $91,037,000 after purchasing an additional 259,210 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Marathon Digital by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after acquiring an additional 251,674 shares in the last quarter. 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.