Marathon Digital (NASDAQ:MARA) Stock Price Down 2.3% – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 2.3% on Wednesday . The stock traded as low as $9.82 and last traded at $10.0750. 32,039,323 shares traded hands during trading, a decline of 16% from the average session volume of 37,925,074 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MARA shares. Cantor Fitzgerald dropped their price target on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Compass Point upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, November 24th. Rosenblatt Securities dropped their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Guggenheim began coverage on shares of Marathon Digital in a research report on Tuesday, October 21st. They issued a “neutral” rating on the stock. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.56.

Marathon Digital Stock Down 2.3%

The firm’s 50 day moving average price is $12.14 and its two-hundred day moving average price is $15.55. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $3.81 billion, a P/E ratio of 5.60 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) EPS for the quarter, missing the consensus estimate 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 business had revenue of $252.41 million for the quarter, compared to analyst estimates of $254.58 million. Equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In related news, 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 transaction of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. This represents a 12.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the transaction, the general counsel directly owned 723,136 shares of the company’s stock, valued at $11,476,168.32. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 217,711 shares of company stock valued at $3,265,959. 0.80% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in MARA. Bessemer Group Inc. grew its position in shares of Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares during the period. Fifth Third Bancorp raised its holdings in shares of Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 683 shares during the period. CX Institutional lifted its stake in Marathon Digital by 12.6% in the 2nd quarter. CX Institutional now owns 6,698 shares of the business services provider’s stock valued at $105,000 after purchasing an additional 749 shares during the last quarter. Archer Investment Corp grew its holdings in Marathon Digital by 10.9% during the second quarter. Archer Investment Corp now owns 7,650 shares of the business services provider’s stock worth $120,000 after purchasing an additional 750 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in Marathon Digital by 15.9% during the third quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock worth $108,000 after buying an additional 799 shares during the last quarter. 44.53% of the stock is owned by 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.