Brokerages Set Marathon Digital Holdings, Inc. (NASDAQ:MARA) Target Price at $18.50

Marathon Digital Holdings, Inc. (NASDAQ:MARA) has earned an average rating of “Hold” from the eleven analysts that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $18.50.

A number of equities research analysts have commented on MARA shares. Morgan Stanley initiated coverage on Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price target for the company. HC Wainwright reissued a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Weiss Ratings downgraded shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Rosenblatt Securities boosted their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Finally, Cantor Fitzgerald reduced their target price on Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th.

Marathon Digital Price Performance

NASDAQ MARA opened at $12.18 on Tuesday. The firm’s fifty day simple moving average is $10.24 and its two-hundred day simple moving average is $10.59. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. Marathon Digital has a 12-month low of $6.66 and a 12-month high of $23.45. The firm has a market capitalization of $4.64 billion, a P/E ratio of -2.13 and a beta of 5.41.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) 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 business 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 quarterly revenue was down 5.6% compared to the same quarter last year. Analysts forecast that Marathon Digital will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $321,258.40. Following the completion of the transaction, the chief executive officer owned 4,725,219 shares in the company, valued at $55,190,557.92. This trade represents a 0.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 on Friday, April 17th. The stock was sold at an average price of $11.68, for a total value of $186,880.00. Following the completion of the transaction, the chief financial officer owned 441,066 shares of the company’s stock, valued at $5,151,650.88. This trade represents a 3.50% 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 129,100 shares of company stock worth $1,412,594 in the last 90 days. Insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. raised its holdings in shares of Marathon Digital by 56.8% during the third quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Marathon Digital by 15.9% in the third quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after buying an additional 799 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Marathon Digital by 3.1% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock worth $537,000 after buying an additional 882 shares during the last quarter. United Capital Management of KS Inc. increased its holdings in shares of Marathon Digital by 2.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 40,054 shares of the business services provider’s stock valued at $731,000 after purchasing an additional 937 shares in the last quarter. Finally, CI Investments Inc. increased its holdings in shares of Marathon Digital by 7.6% during the 1st quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after purchasing an additional 957 shares in the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.