Marathon Digital (NASDAQ:MARA) Price Target Raised to $6.00

Marathon Digital (NASDAQ:MARA) had its target price raised by Morgan Stanley from $5.50 to $6.00 in a research note released on Thursday morning,Benzinga reports. They currently have an underweight rating on the business services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Marathon Digital in a research note on Friday, August 7th. Piper Sandler lowered 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. Citizens Jmp assumed coverage on Marathon Digital in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price on the stock. BTIG Research reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Monday, June 1st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $15.00 price target on shares of Marathon Digital in a research report on Friday, August 7th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.78.

Marathon Digital Price Performance

NASDAQ:MARA opened at $9.20 on Thursday. The company has a 50-day moving average of $12.37 and a 200-day moving average of $10.99. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -1.00 and a beta of 5.40. Marathon Digital has a 52 week low of $6.66 and a 52 week high of $23.45. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.89 and a current ratio of 0.89.

Marathon Digital (NASDAQ:MARA) last issued its earnings results 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). The business had revenue of $174.88 million for the quarter, compared to analyst estimates of $209.44 million. Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. Marathon Digital’s revenue was down 26.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.84 earnings per share. As a group, equities research analysts anticipate that Marathon Digital will post -2.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other news, Director Douglas K. Mellinger sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total transaction of $112,000.00. Following the transaction, the director directly owned 231,618 shares of the company’s stock, valued at approximately $3,705,888. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $14.25, for a total transaction of $228,000.00. Following the completion of the sale, the chief financial officer owned 409,066 shares of the company’s stock, 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. Insiders have sold 109,260 shares of company stock worth $1,452,756 over the last quarter. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its holdings in shares of Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after purchasing an additional 6,172,110 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in Marathon Digital in the third quarter valued at about $93,066,000. Norges Bank acquired a new position in Marathon Digital in the fourth quarter valued at about $39,492,000. Van ECK Associates Corp lifted its position in Marathon Digital by 125.4% during the fourth quarter. Van ECK Associates Corp now owns 2,727,069 shares of the business services provider’s stock worth $24,489,000 after purchasing an additional 1,516,937 shares during the period. Finally, Vanguard Group Inc. lifted its position in Marathon Digital by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after purchasing an additional 1,394,559 shares during the period. Institutional investors 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.