Marathon Digital (NASDAQ:MARA) Trading Up 3.6% – Here’s What Happened

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 3.6% during mid-day trading on Thursday . The stock traded as high as $10.68 and last traded at $10.44. 30,913,383 shares changed hands during trading, a decline of 15% from the average session volume of 36,558,094 shares. The stock had previously closed at $10.08.

Analyst Ratings Changes

MARA has been the subject of a number of analyst reports. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday, December 29th. Rosenblatt Securities cut their target price on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Macquarie increased their price objective on Marathon Digital from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. cut their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.56.

Marathon Digital Price Performance

The stock has a 50 day moving average of $11.96 and a two-hundred day moving average of $15.51. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $3.95 billion, a P/E ratio of 5.80 and a beta of 5.34.

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

Insider Buying and Selling

In other Marathon Digital news, General Counsel Zabi Nowaid sold 25,113 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $15.87, for a total transaction of $398,543.31. Following the completion of the transaction, the general counsel owned 723,136 shares of the company’s stock, valued at $11,476,168.32. The trade was a 3.36% decrease in their position. The transaction 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 company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total transaction of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares of the company’s stock, valued at $2,853,537.68. This trade represents a 12.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 217,711 shares of company stock valued at $3,265,959. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several large investors have recently made changes to their positions in MARA. Vanguard Group Inc. grew its holdings in Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after buying an additional 4,049,979 shares during the last quarter. State Street Corp boosted its position in shares of Marathon Digital by 1.4% in the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after acquiring an additional 191,380 shares during the period. UBS Group AG grew its stake in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the last quarter. Geode Capital Management LLC increased its position in Marathon Digital by 3.5% during the second quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock worth $144,669,000 after acquiring an additional 315,499 shares during the period. Finally, American Century Companies Inc. raised its stake in Marathon Digital by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock valued at $106,329,000 after purchasing an additional 491,245 shares during the last quarter. Institutional investors and hedge funds 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.