MARA (NASDAQ:MARA) Stock Price Down 5.4% – Here’s Why

MARA Holdings (NASDAQ:MARA) shares were down 5.4% during mid-day trading on Friday. The company traded as low as $6.45 and last traded at $6.77. 43,003,622 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 45,112,105 shares. The stock had previously closed at $7.16.

Analysts Set New Price Targets

A number of analysts have weighed in on MARA shares. JPMorgan Chase & Co. lowered MARA from an “overweight” rating to an “underweight” rating and reduced their target price for the stock from $13.00 to $11.00 in a research note on Monday, September 14th. HC Wainwright began coverage on MARA in a research report on Friday, September 11th. They set a “buy” rating and a $20.00 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $11.00 price target (down from $13.00) on shares of MARA in a report on Tuesday, October 20th. Morgan Stanley set a $10.00 price target on MARA and gave the stock an “underweight” rating in a research note on Friday, October 9th. Finally, Cantor Fitzgerald cut their price objective on shares of MARA from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the stock. According to MarketBeat, MARA currently has a consensus rating of “Hold” and a consensus price target of $17.78.

MARA Stock Down 5.4%

The stock has a market cap of $2.62 billion, a PE ratio of -0.74 and a beta of 5.33. 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 business has a 50 day moving average price of $10.46 and a 200 day moving average price of $10.81.

MARA (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). MARA had a negative return on equity of 26.05% and a negative net margin of 429.71%. The firm had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. During the same quarter last year, the company posted $1.84 EPS. The company’s revenue was down 26.7% on a year-over-year basis. Equities research analysts expect that MARA Holdings will post -1.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Frederick Thiel sold 27,505 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $11.22, for a total transaction of $308,606.10. Following the completion of the sale, the chief executive officer owned 4,217,586 shares of the company’s stock, valued at $47,321,314.92. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,376 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $12.00, for a total value of $100,512.00. Following the transaction, the general counsel directly owned 898,780 shares in the company, valued at $10,785,360. This trade represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 106,891 shares of company stock valued at $1,124,731 in the last 90 days. 0.97% of the stock is owned by insiders.

Institutional Trading of MARA

Several hedge funds have recently made changes to their positions in MARA. Mirae Asset Global Investments Co. Ltd. acquired a new position in MARA during the 3rd quarter worth approximately $37,000. Sage Rhino Capital LLC lifted its holdings in MARA by 14.2% in the third quarter. Sage Rhino Capital LLC now owns 12,965 shares of the business services provider’s stock valued at $147,000 after acquiring an additional 1,613 shares during the period. Activest Wealth Management boosted its stake in shares of MARA by 300.0% during the 3rd quarter. Activest Wealth Management now owns 4,000 shares of the business services provider’s stock worth $45,000 after acquiring an additional 3,000 shares in the last quarter. Everhart Financial Group Inc. acquired a new stake in MARA in the 3rd quarter valued at about $152,000. Finally, Moody National Bank Trust Division grew its holdings in MARA by 19.4% during the 3rd quarter. Moody National Bank Trust Division now owns 159,737 shares of the business services provider’s stock valued at $1,810,000 after buying an additional 25,962 shares during the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

About MARA

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset mining and energy infrastructure company. Its primary business is securing the Bitcoin network by operating specialized computing equipment that validates transactions and earns Bitcoin rewards.

The company develops and operates data centers and digital asset computing infrastructure, while also pursuing strategies to access low-cost and surplus energy. MARA has expanded its operations through a combination of owned facilities, hosting arrangements and acquisitions, with activities spanning North America and other international markets.

The company was founded in 2010 as Marathon Patent Group and later shifted its focus toward cryptocurrency mining before adopting the Marathon Digital name.