Marathon Digital (NASDAQ:MARA) Stock Price Down 8.7% – Here’s What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were down 8.7% on Tuesday . The stock traded as low as $10.22 and last traded at $10.37. Approximately 44,931,972 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 41,495,348 shares. The stock had previously closed at $11.36.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MARA shares. Macquarie raised 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Finally, Rosenblatt Securities dropped their price target 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. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.44.

Marathon Digital Stock Performance

The stock has a 50 day simple moving average of $10.91 and a 200 day simple moving average of $15.18. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 5.76 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). The company had revenue of $252.41 million for the quarter, compared to analysts’ expectations of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. As a group, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $10.77, for a total value of $296,228.85. Following the transaction, the chief executive officer directly owned 3,555,489 shares of the company’s stock, valued at $38,292,616.53. This represents a 0.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Zabi Nowaid sold 25,113 shares of Marathon Digital stock in a transaction on Monday, November 10th. The stock was 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 directly owned 723,136 shares of the company’s stock, valued at approximately $11,476,168.32. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 155,474 shares of company stock worth $1,937,880 in the last 90 days. 0.80% of the stock is owned by corporate insiders.

Institutional Trading of Marathon Digital

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC grew its position in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after purchasing an additional 991 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after buying an additional 3,032 shares in the last quarter. United Services Automobile Association increased its position in Marathon Digital by 8.2% in the 1st quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock valued at $257,000 after acquiring an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Marathon Digital by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock valued at $7,398,000 after acquiring an additional 63,903 shares in the last quarter. Finally, Strs Ohio acquired a new position in Marathon Digital during the 1st quarter worth $363,000. 44.53% of the stock is currently 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.