MARA (NASDAQ:MARA) Stock Price Down 3.2% – Time to Sell?

MARA Holdings (NASDAQ:MARA)’s stock price traded down 3.2% during trading on Thursday. The stock traded as low as $12.84 and last traded at $12.92. Approximately 39,845,585 shares were traded during trading, a decline of 14% from the average session volume of 46,472,621 shares. The stock had previously closed at $13.35.

Analysts Set New Price Targets

MARA has been the topic of a number of research analyst reports. BTIG Research restated a “buy” rating and set a $27.00 price target on shares of MARA in a report on Monday, June 1st. Weiss Ratings raised shares of MARA from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Morgan Stanley reaffirmed an “underweight” rating and set a $11.00 price objective (up from $6.00) on shares of MARA in a research report on Friday, September 18th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $11.00 target price (down from $13.00) on shares of MARA in a report on Monday, September 14th. Finally, Citizens Jmp began coverage on MARA in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $24.00 target price for the company. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.20.

MARA Stock Down 3.2%

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The company’s fifty day moving average price is $11.23 and its 200-day moving average price is $11.57. The stock has a market capitalization of $4.99 billion, a PE ratio of -1.41 and a beta of 5.32.

MARA (NASDAQ:MARA) last posted its quarterly 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 company had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. MARA had a negative return on equity of 26.05% and a negative net margin of 429.71%.The business’s quarterly revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.84 EPS. Analysts forecast that MARA Holdings will post -1.65 earnings per share for the current year.

Insider Activity

In related news, CEO Frederick Thiel sold 27,505 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $11.45, for a total value of $314,932.25. Following the transaction, the chief executive officer owned 4,308,192 shares in the company, valued at $49,328,798.40. The trade was a 0.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Salman Khan sold 16,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total transaction of $147,360.00. Following the sale, the chief financial officer directly owned 377,066 shares in the company, valued at $3,472,777.86. This trade represents a 4.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 79,386 shares of company stock worth $816,125 over the last three months. 0.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MARA

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in MARA 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 acquiring an additional 251,674 shares in the last quarter. Norges Bank purchased a new position in shares of MARA in the fourth quarter worth $39,492,000. Capital World Investors raised its stake in shares of MARA by 0.6% in the fourth quarter. Capital World Investors now owns 2,954,764 shares of the business services provider’s stock worth $26,534,000 after purchasing an additional 19,048 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MARA by 2.0% during the first quarter. Principal Financial Group Inc. now owns 1,838,149 shares of the business services provider’s stock valued at $14,999,000 after purchasing an additional 35,978 shares in the last quarter. Finally, Headlands Technologies LLC boosted its position in shares of MARA by 51.2% during the second quarter. Headlands Technologies LLC now owns 444,756 shares of the business services provider’s stock valued at $6,178,000 after buying an additional 150,665 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

About MARA

MARA Holdings, Inc, formerly known as Marathon Digital Holdings, Inc, is a digital asset technology company focused primarily on mining bitcoin. The company operates and supports computing infrastructure designed to secure the Bitcoin network by processing transactions and earning bitcoin rewards.

MARA develops and deploys large-scale data center and energy infrastructure for digital asset mining. Its activities include operating mining facilities, managing specialized application-specific integrated circuit (ASIC) mining equipment, and pursuing energy and infrastructure solutions intended to support more efficient and scalable computing operations.