Insider Selling: Marathon Digital Holdings, Inc. (NASDAQ:MARA) CFO Sells $262,190.00 in Stock

Marathon Digital Holdings, Inc. (NASDAQ:MARA) CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The sale was disclosed in a filing with the SEC, which is available at this link.

Marathon Digital Price Performance

Marathon Digital stock opened at $15.54 on Monday. The firm has a market capitalization of $4.39 billion, a PE ratio of 7.23 and a beta of 5.51. Marathon Digital Holdings, Inc. has a 52 week low of $7.16 and a 52 week high of $34.09. The firm’s 50-day simple moving average is $17.88 and its 200 day simple moving average is $18.95. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period last year, the company earned ($0.13) EPS. The firm’s revenue for the quarter was up 77.5% on a year-over-year basis. On average, equities research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently bought and sold shares of the stock. Beaird Harris Wealth Management LLC boosted its stake in shares of Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in shares of Marathon Digital during the 1st quarter worth about $90,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Marathon Digital during the first quarter worth about $105,000. GAMMA Investing LLC raised its position in shares of Marathon Digital by 108.0% in the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after buying an additional 3,565 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in shares of Marathon Digital by 1,555.6% during the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock valued at $164,000 after buying an additional 7,778 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Wall Street Analysts Forecast Growth

MARA has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, August 23rd. B. Riley raised their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.22.

About Marathon Digital

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.