Marathon Digital (NASDAQ:MARA) Trading Down 3.7% – Time to Sell?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded down 3.7% during mid-day trading on Friday . The stock traded as low as $9.32 and last traded at $9.50. 37,153,151 shares traded hands during trading, a decline of 10% from the average session volume of 41,099,246 shares. The stock had previously closed at $9.86.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Guggenheim began coverage on Marathon Digital in a report on Tuesday, October 21st. They set a “neutral” rating on the stock. Rosenblatt Securities decreased their price objective on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Piper Sandler reduced their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 24th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Marathon Digital Trading Down 3.7%

The company has a 50 day moving average of $10.66 and a 200 day moving average of $14.75. The firm has a market cap of $3.59 billion, a P/E ratio of 5.28 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.

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 business had revenue of $252.41 million for the quarter, compared to the consensus estimate of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. Analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal 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 dated Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the transaction, the chief executive officer directly owned 3,517,566 shares in the company, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares of the company’s stock, valued at approximately $2,853,537.68. This trade represents a 12.26% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 182,979 shares of company stock valued at $2,234,934. Insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management grew its holdings in Marathon Digital by 2,407.4% during the third quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 1,300 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Marathon Digital by 56.8% during the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after buying an additional 659 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Marathon Digital by 59.9% during the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock worth $29,000 after buying an additional 683 shares during the period. Estabrook Capital Management acquired a new position in Marathon Digital in the 2nd quarter valued at $31,000. Finally, Salomon & Ludwin LLC bought a new position in Marathon Digital in the 3rd quarter worth $47,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.