MARA (NASDAQ:MARA) Stock Falls 5.6% – Here’s Why

MARA Holdings (NASDAQ:MARA)’s share price was down 5.6% on Wednesday. The company traded as low as $10.16 and last traded at $10.36. 36,639,315 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 45,867,195 shares. The stock had previously closed at $10.97.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MARA. Morgan Stanley reaffirmed an “underweight” rating and issued a $11.00 price target (up from $6.00) on shares of MARA in a report on Friday, September 18th. Piper Sandler lowered their price objective on shares of MARA from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $11.00 target price (down from $13.00) on shares of MARA in a research report on Monday, September 14th. HC Wainwright began coverage on shares of MARA in a research report on Friday, September 11th. They set a “buy” rating and a $20.00 price target for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of MARA in a report on Friday, August 7th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, MARA currently has a consensus rating of “Hold” and an average price target of $19.20.

MARA Stock Performance

The company’s 50 day moving average is $11.21 and its 200-day moving average is $11.76. The company has a market capitalization of $4.00 billion, a P/E ratio of -1.13 and a beta of 5.33. 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) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($1.77). MARA had a negative return on equity of 26.05% and a negative net margin of 429.71%.The company had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. During the same quarter in the previous year, the company earned $1.84 EPS. The business’s quarterly revenue was down 26.7% on a year-over-year basis. Equities analysts anticipate that MARA Holdings will post -1.65 EPS for the current fiscal year.

Insider Activity at MARA

In related news, General Counsel Zabi Nowaid sold 8,376 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $12.00, for a total transaction of $100,512.00. Following the completion of the sale, the general counsel owned 898,780 shares of the company’s stock, valued at $10,785,360. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Khan sold 16,000 shares of MARA 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 completion of the sale, the chief financial officer directly owned 377,066 shares of the company’s stock, valued at approximately $3,472,777.86. The trade was a 4.07% decrease in their position. 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 106,891 shares of company stock valued at $1,124,731 over the last 90 days. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MARA. Quantinno Capital Management LP increased its position in MARA by 315.5% in the first 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 in the last quarter. WINTON GROUP Ltd bought a new position in shares of MARA during the second quarter worth $3,545,000. Compass Financial Management LLC purchased a new position in shares of MARA during the second quarter valued at about $6,000,000. Edgestream Partners L.P. bought a new stake in MARA in the 1st quarter worth approximately $2,864,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of MARA during the 4th quarter valued at about $5,220,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

MARA Company Profile

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset technology company focused primarily on mining bitcoin. The company operates specialized data centers containing application-specific integrated circuit (ASIC) computers that process transactions and secure the Bitcoin network in exchange for bitcoin rewards.

In addition to bitcoin mining, MARA develops and operates digital asset computing infrastructure. Its activities include managing energy and data-center resources, deploying mining hardware, and pursuing technologies designed to improve the efficiency and scalability of digital asset mining.