MARA (NASDAQ:MARA) Trading Up 2.6% – Here’s Why

MARA Holdings (NASDAQ:MARA)’s stock price traded up 2.6% on Tuesday . The stock traded as high as $13.97 and last traded at $13.63. 43,266,680 shares traded hands during trading, a decline of 7% from the average session volume of 46,557,973 shares. The stock had previously closed at $13.28.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 price target on shares of MARA in a research note on Friday, August 7th. Morgan Stanley reissued an “underweight” rating and set a $11.00 price target (up from $6.00) on shares of MARA in a research report on Friday, September 18th. HC Wainwright initiated coverage on shares of MARA in a research report on Friday, September 11th. They issued a “buy” rating and a $20.00 price objective on the stock. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price objective on shares of MARA in a report on Monday, June 1st. Finally, Piper Sandler lowered their price objective on MARA from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.20.

MARA Trading Up 0.7%

The business has a 50-day moving average price of $11.23 and a two-hundred day moving average price of $11.57. The stock has a market capitalization of $5.19 billion, a P/E ratio of -1.47 and a beta of 5.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15.

MARA (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The company had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. During the same period last year, the firm earned $1.84 EPS. The firm’s revenue for the quarter was down 26.7% compared to the same quarter last year. On average, analysts expect that MARA Holdings will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling at MARA

In other MARA news, CEO Frederick Thiel sold 27,505 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $11.45, for a total transaction of $314,932.25. Following the completion of the transaction, the chief executive officer directly owned 4,308,192 shares in the company, valued at $49,328,798.40. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Khan sold 16,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $9.21, for a total value of $147,360.00. Following the sale, the chief financial officer owned 377,066 shares of the company’s stock, valued at $3,472,777.86. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 79,386 shares of company stock worth $816,125 over the last three months. Corporate insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On MARA

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC bought a new stake in MARA in the second quarter valued at approximately $161,000. WINTON GROUP Ltd acquired a new position in shares of MARA during the 2nd quarter valued at $3,545,000. Engineers Gate Manager LP bought a new position in shares of MARA during the 2nd quarter worth about $1,177,000. NewEdge Advisors LLC lifted its holdings in shares of MARA by 14.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,320 shares of the business services provider’s stock worth $171,000 after purchasing an additional 1,598 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of MARA by 1,154.9% in the second quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 2,229 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

About MARA

MARA Holdings, Inc, formerly known as Marathon Digital Holdings, Inc, is a digital asset technology company focused primarily on mining bitcoin. The company operates and supports computing infrastructure designed to secure the Bitcoin network by processing transactions and earning bitcoin rewards.

MARA develops and deploys large-scale data center and energy infrastructure for digital asset mining. Its activities include operating mining facilities, managing specialized application-specific integrated circuit (ASIC) mining equipment, and pursuing energy and infrastructure solutions intended to support more efficient and scalable computing operations.