Marathon Digital (NASDAQ:MARA) Stock Price Up 5.7% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 5.7% on Wednesday . The company traded as high as $13.50 and last traded at $13.15. 51,058,254 shares were traded during trading, an increase of 9% from the average session volume of 46,631,281 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

MARA has been the subject of several research analyst reports. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Cantor Fitzgerald reduced their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Rosenblatt Securities lifted their price target on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, May 1st. Finally, Morgan Stanley reduced their price target on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.38.

Marathon Digital Trading Up 5.7%

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.99. The stock has a 50 day simple moving average of $10.33 and a 200-day simple moving average of $10.55. The firm has a market cap of $5.01 billion, a P/E ratio of -2.30 and a beta of 5.41.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 23.20% and a negative net margin of 234.83%.The firm had revenue of $202.31 million during the quarter, compared to the consensus estimate of $250.74 million. During the same period in the previous year, the firm earned $1.24 EPS. The business’s revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $11.68, for a total transaction of $186,880.00. Following the transaction, the chief financial officer owned 441,066 shares of the company’s stock, valued at approximately $5,151,650.88. The trade was a 3.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 42,090 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $12.00, for a total value of $505,080.00. Following the transaction, the general counsel directly owned 1,007,047 shares in the company, valued at approximately $12,084,564. This represents a 4.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 129,100 shares of company stock valued at $1,412,594 in the last quarter. 0.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC grew its position in Marathon Digital by 26.1% in the 1st quarter. Western Wealth Management LLC now owns 27,140 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 5,610 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Marathon Digital during the 1st quarter worth $2,864,000. Amundi lifted its stake in shares of Marathon Digital by 124.2% during the 1st quarter. Amundi now owns 53,425 shares of the business services provider’s stock worth $436,000 after purchasing an additional 29,595 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Marathon Digital by 23.7% during the 1st quarter. California State Teachers Retirement System now owns 412,052 shares of the business services provider’s stock worth $3,362,000 after purchasing an additional 78,842 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Marathon Digital by 14.2% during the 1st quarter. Empowered Funds LLC now owns 13,091 shares of the business services provider’s stock worth $107,000 after purchasing an additional 1,632 shares during the last quarter. 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.