Marathon Digital (NASDAQ:MARA) Shares Down 2.7% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 2.7% during trading on Wednesday . The stock traded as low as $11.77 and last traded at $11.92. Approximately 37,349,132 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 46,270,434 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. BTIG Research reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Friday, September 5th. Rosenblatt Securities cut their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, November 24th. Macquarie upped their target price on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Cantor Fitzgerald reduced their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Marathon Digital currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Marathon Digital Stock Down 2.7%

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The company’s 50-day simple moving average is $16.03 and its 200 day simple moving average is $16.26. The firm has a market cap of $4.51 billion, a P/E ratio of 6.62 and a beta of 5.42.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The company had revenue of $252.41 million for the quarter, compared to the consensus estimate of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $15.87, for a total transaction of $398,543.31. Following the transaction, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This represents a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the sale, the chief financial officer owned 283,298 shares of the company’s stock, valued at approximately $3,396,743.02. This represents a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 218,711 shares of company stock worth $3,633,801 over the last 90 days. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently bought and sold shares of MARA. US Bancorp DE lifted its stake in shares of Marathon Digital by 265.4% during the first quarter. US Bancorp DE now owns 13,003 shares of the business services provider’s stock worth $150,000 after buying an additional 9,444 shares during the period. Vanguard Group Inc. raised its stake in Marathon Digital by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 39,811,453 shares of the business services provider’s stock worth $457,832,000 after acquiring an additional 1,028,512 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Marathon Digital by 9.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,322,618 shares of the business services provider’s stock worth $38,210,000 after acquiring an additional 294,161 shares during the period. Deutsche Bank AG grew its stake in Marathon Digital by 14.3% during the 1st quarter. Deutsche Bank AG now owns 1,120,035 shares of the business services provider’s stock valued at $12,880,000 after purchasing an additional 140,273 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Marathon Digital by 17.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,558 shares of the business services provider’s stock valued at $144,000 after purchasing an additional 1,894 shares during the period. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

MARA Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.