Marathon Digital (NASDAQ:MARA) Trading Down 1.8% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 1.8% during trading on Thursday . The company traded as low as $13.58 and last traded at $14.07. 37,462,926 shares were traded during mid-day trading, a decline of 19% from the average session volume of 46,196,484 shares. The stock had previously closed at $14.33.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Rosenblatt Securities boosted their target price on Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Weiss Ratings lowered Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald cut their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Morgan Stanley cut their target price on Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 19th. Finally, HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Marathon Digital currently has a consensus rating of “Hold” and an average target price of $18.38.

Marathon Digital Stock Down 1.8%

The business has a 50-day moving average price of $10.93 and a two-hundred day moving average price of $10.40. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.99. The firm has a market cap of $5.36 billion, a PE ratio of -2.46 and a beta of 5.41.

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

Insider Transactions at Marathon Digital

In other news, General Counsel Zabi Nowaid sold 8,250 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total transaction of $99,000.00. Following the sale, the general counsel owned 970,768 shares of the company’s stock, valued at approximately $11,649,216. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $12.00, for a total value of $330,060.00. Following the sale, the chief executive officer directly owned 4,589,514 shares in the company, valued at $55,074,168. This represents a 0.60% 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. Over the last 90 days, insiders have sold 180,855 shares of company stock valued at $2,033,654. 0.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Several large investors have recently bought and sold shares of MARA. UBS Group AG increased 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 valued at $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Marathon Digital in the third quarter valued at $93,066,000. Norges Bank purchased a new position in Marathon Digital in the fourth quarter valued at $39,492,000. Vanguard Group Inc. increased its holdings in Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after buying an additional 4,049,979 shares during the last quarter. Finally, Capital Research Global Investors purchased a new position in Marathon Digital in the third quarter valued at $68,090,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.