Marathon Digital (NASDAQ:MARA) Shares Up 2.1% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 2.1% on Tuesday . The company traded as high as $12.59 and last traded at $12.44. 34,992,647 shares were traded during trading, a decline of 25% from the average session volume of 46,581,594 shares. The stock had previously closed at $12.18.

Wall Street Analysts Forecast Growth

MARA has been the topic of several research analyst reports. Weiss Ratings lowered shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Rosenblatt Securities increased their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Morgan Stanley dropped their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Finally, Cantor Fitzgerald lowered their price objective on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Marathon Digital has an average rating of “Hold” and a consensus target price of $18.38.

Marathon Digital Trading Up 2.1%

The company’s 50 day simple moving average is $10.24 and its 200 day simple moving average is $10.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -2.17 and a beta of 5.41.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative net margin of 234.83% and a negative return on equity of 23.20%. The company had revenue of $202.31 million during the quarter, compared to analysts’ expectations of $250.74 million. During the same quarter last year, the business posted $1.24 earnings per share. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, research analysts expect that Marathon Digital Holdings, Inc. will post -1.67 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $321,258.40. Following the sale, the chief executive officer owned 4,725,219 shares of the company’s stock, valued at $55,190,557.92. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the completion of the sale, the chief financial officer directly owned 441,066 shares in the company, valued at approximately $5,151,650.88. This trade represents a 3.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 129,100 shares of company stock worth $1,412,594. 0.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently modified their holdings of MARA. Edgestream Partners L.P. purchased a new stake in shares of Marathon Digital during the 1st quarter worth $2,864,000. Amundi increased its holdings in Marathon Digital by 124.2% in the first quarter. Amundi now owns 53,425 shares of the business services provider’s stock valued at $436,000 after buying an additional 29,595 shares during the last quarter. California State Teachers Retirement System raised its stake in Marathon Digital by 23.7% in the first quarter. California State Teachers Retirement System now owns 412,052 shares of the business services provider’s stock valued at $3,362,000 after buying an additional 78,842 shares in the last quarter. Empowered Funds LLC raised its stake in Marathon Digital by 14.2% in the first quarter. Empowered Funds LLC now owns 13,091 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,632 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in Marathon Digital by 315.5% during the 1st quarter. Quantinno Capital Management LP now owns 166,571 shares of the business services provider’s stock worth $1,359,000 after buying an additional 126,482 shares during the last quarter. 44.53% of the stock is owned by hedge funds and other 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.