Marathon Digital (NASDAQ:MARA) Shares Down 3.8% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 3.8% during trading on Wednesday . The stock traded as low as $8.95 and last traded at $8.98. Approximately 30,032,246 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 45,766,984 shares. The stock had previously closed at $9.33.

Wall Street Analysts Forecast Growth

MARA has been the subject of a number of recent research reports. Cantor Fitzgerald decreased their target price on Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Guggenheim assumed coverage on Marathon Digital in a research note on Tuesday, October 21st. They issued a “neutral” rating for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, November 24th. Finally, BTIG Research reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Friday, September 5th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Marathon Digital currently has an average rating of “Moderate Buy” and a consensus target price of $23.56.

Marathon Digital Stock Performance

The stock has a market cap of $3.40 billion, a PE ratio of 4.99 and a beta of 5.42. The stock has a fifty day moving average of $13.09 and a 200-day moving average of $15.72. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The firm had revenue of $252.41 million during the quarter, compared to analyst estimates of $254.58 million. Marathon Digital had a net margin of 100.82% and a negative return on equity of 2.59%. On average, equities analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Zabi Nowaid sold 25,113 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel owned 723,136 shares in the company, valued at $11,476,168.32. This trade represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $10.77, for a total transaction of $296,228.85. Following the transaction, the chief executive officer owned 3,555,489 shares in the company, valued at $38,292,616.53. The trade was a 0.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 218,711 shares of company stock worth $3,286,669. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in Marathon Digital by 8.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,286,074 shares of the business services provider’s stock valued at $35,846,000 after purchasing an additional 177,771 shares in the last quarter. Emerald Advisers LLC grew its holdings in shares of Marathon Digital by 77.4% during the second quarter. Emerald Advisers LLC now owns 579,571 shares of the business services provider’s stock worth $9,088,000 after buying an additional 252,864 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its position in shares of Marathon Digital by 91.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 347,214 shares of the business services provider’s stock valued at $5,444,000 after buying an additional 165,688 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Marathon Digital by 14.5% during the first quarter. Intech Investment Management LLC now owns 160,717 shares of the business services provider’s stock valued at $1,848,000 after buying an additional 20,413 shares during the period. Finally, New York State Teachers Retirement System boosted its position in Marathon Digital by 12.0% during the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider’s stock worth $4,997,000 after acquiring an additional 34,100 shares during the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.