Marathon Digital (NASDAQ:MARA) Trading 1.3% Higher – Time to Buy?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 1.3% during mid-day trading on Tuesday . The company traded as high as $10.15 and last traded at $9.68. Approximately 36,839,631 shares were traded during trading, a decline of 19% from the average session volume of 45,685,629 shares. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MARA. BTIG Research reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Monday, June 1st. Cantor Fitzgerald cut their target price on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday. Piper Sandler decreased their price target on Marathon Digital from $16.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Marathon Digital in a research report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and set a $15.00 price objective on shares of Marathon Digital in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.72.

Marathon Digital Stock Up 1.3%

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $3.74 billion, a PE ratio of -1.06 and a beta of 5.40. The stock has a 50-day moving average of $12.71 and a 200 day moving average of $11.02.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data 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). Marathon Digital had a negative return on equity of 26.05% and a negative net margin of 429.71%.The business had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. During the same period in the prior year, the firm posted $1.84 EPS. The firm’s revenue for the quarter was down 26.7% on a year-over-year basis. Sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -2.28 EPS for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $391,946.25. Following the completion of the sale, the chief executive officer directly owned 4,562,009 shares of the company’s stock, valued at $65,008,628.25. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through 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 business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total value of $228,000.00. Following the completion of the sale, the chief financial officer owned 409,066 shares in the company, valued at approximately $5,829,190.50. The trade was a 3.76% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 109,260 shares of company stock worth $1,452,756. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Ascentis Independent Advisors bought a new position in Marathon Digital during the first quarter worth about $28,000. Bogart Wealth LLC raised its position in shares of Marathon Digital by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 3,954 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of Marathon Digital in the fourth quarter valued at approximately $36,000. Hantz Financial Services Inc. lifted its stake in shares of Marathon Digital by 344.8% during the 4th quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider’s stock valued at $45,000 after buying an additional 3,893 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its stake in shares of Marathon Digital by 128.0% during the 2nd quarter. CoreCap Advisors LLC now owns 3,651 shares of the business services provider’s stock valued at $51,000 after buying an additional 2,050 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.