Brokerages Set Marathon Digital Holdings, Inc. (NASDAQ:MARA) PT at $23.56

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) have received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $23.5556.

Several analysts have recently commented on the stock. Rosenblatt Securities dropped their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Guggenheim initiated coverage on Marathon Digital in a research report on Tuesday, October 21st. They set a “neutral” rating on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Finally, Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, November 24th.

Marathon Digital Stock Down 2.1%

Shares of MARA stock opened at $10.22 on Wednesday. Marathon Digital has a fifty-two week low of $8.95 and a fifty-two week high of $23.45. The firm has a market capitalization of $3.86 billion, a PE ratio of 5.68 and a beta of 5.34. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The stock’s 50-day simple moving average is $11.65 and its 200-day simple moving average is $15.45.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. The firm had revenue of $252.41 million during the quarter, compared to analysts’ expectations of $254.58 million. Equities analysts expect that Marathon Digital will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $11.99, for a total value of $416,436.68. Following the sale, the chief financial officer owned 283,298 shares in the company, valued at approximately $3,396,743.02. This represents a 10.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Zabi Nowaid sold 25,113 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total transaction of $398,543.31. Following the sale, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. The trade was a 3.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 217,711 shares of company stock valued at $3,265,959. 0.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MARA. Vanguard Group Inc. boosted its stake in shares of Marathon Digital by 9.8% during the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after acquiring an additional 4,049,979 shares in the last quarter. State Street Corp increased its stake in shares of Marathon Digital by 1.4% in the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares in the last quarter. UBS Group AG raised its holdings in Marathon Digital by 104.1% in 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 period. Geode Capital Management LLC boosted its position in Marathon Digital by 3.5% during the second quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock worth $144,669,000 after purchasing an additional 315,499 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Marathon Digital by 7.8% during the second quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock worth $106,329,000 after purchasing an additional 491,245 shares in the last quarter. 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.