Marathon Digital (NASDAQ:MARA) Stock Price Up 5.7% – Still a Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 5.7% during trading on Monday . The company traded as high as $9.81 and last traded at $9.72. 54,592,544 shares traded hands during trading, an increase of 20% from the average daily volume of 45,579,090 shares. The stock had previously closed at $9.20.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. BTIG Research reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Monday, June 1st. Morgan Stanley lifted their price objective on shares of Marathon Digital from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Thursday. Cantor Fitzgerald reduced their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price target on shares of Marathon Digital in a report on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Marathon Digital in a research report on Friday, August 7th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.78.

Marathon Digital Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. The stock has a market cap of $3.75 billion, a PE ratio of -1.06 and a beta of 5.40. The business’s 50-day moving average price is $12.37 and its 200-day moving average price is $10.99.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($1.77). Marathon Digital had a negative net margin of 429.71% and a negative return on equity of 26.05%. The business had revenue of $174.88 million for the quarter, compared to analyst estimates of $209.44 million. During the same period in the prior year, the company earned $1.84 earnings per share. The company’s quarterly revenue was down 26.7% on a year-over-year basis. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $228,000.00. Following the completion of the transaction, the chief financial officer owned 409,066 shares in the company, valued at $5,829,190.50. The trade was a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 7,000 shares of Marathon Digital stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the completion of the sale, the general counsel owned 963,768 shares in the company, valued at approximately $13,733,694. The trade was a 0.72% 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 sold 57,505 shares of company stock valued at $831,696 over the last quarter. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MARA. Vanguard Group Inc. lifted its holdings in Marathon Digital by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 46,706,277 shares of the business services provider’s stock worth $419,422,000 after buying an additional 1,394,559 shares in the last quarter. State Street Corp grew its stake in Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after purchasing an additional 191,380 shares in the last quarter. UBS Group AG increased its holdings in 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 during the period. Marex Group plc raised its position in Marathon Digital by 2.6% in the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock valued at $91,037,000 after purchasing an additional 259,210 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Marathon Digital by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 9,957,766 shares of the business services provider’s stock valued at $89,434,000 after purchasing an additional 251,674 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.