Marathon Digital (NASDAQ:MARA) Trading Up 7.8% – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 7.8% during mid-day trading on Monday . The stock traded as high as $17.45 and last traded at $17.33. Approximately 22,886,904 shares were traded during trading, a decline of 58% from the average daily volume of 53,885,813 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

Several brokerages have issued reports on MARA. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, October 10th. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald initiated coverage on Marathon Digital in a research note on Thursday, October 10th. They issued an “overweight” rating and a $21.00 price target on the stock. B. Riley upped their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Macquarie assumed coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They set an “outperform” rating and a $22.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.79.

Marathon Digital Stock Performance

The firm has a market capitalization of $5.11 billion, a PE ratio of 8.30 and a beta of 5.50. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $16.11 and its two-hundred day moving average price is $18.38.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $157.86 million. During the same period last year, the business earned ($0.13) EPS. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. As a group, research analysts predict that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 16,700 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the sale, the chief executive officer now owns 4,278,309 shares in the company, valued at $67,169,451.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the transaction, the chief financial officer now owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,212 shares of company stock worth $742,948. Insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. lifted its position in Marathon Digital by 49.3% during the third quarter. Vontobel Holding Ltd. now owns 43,203 shares of the business services provider’s stock valued at $701,000 after purchasing an additional 14,267 shares during the last quarter. Creative Planning lifted its position in Marathon Digital by 17.2% in the third quarter. Creative Planning now owns 33,864 shares of the business services provider’s stock valued at $549,000 after purchasing an additional 4,974 shares during the last quarter. VitalStone Financial LLC raised its stake in shares of Marathon Digital by 27.0% during the third quarter. VitalStone Financial LLC now owns 64,276 shares of the business services provider’s stock valued at $1,043,000 after acquiring an additional 13,670 shares during the last quarter. Lake Hills Wealth Management LLC bought a new stake in shares of Marathon Digital in the 3rd quarter worth approximately $166,000. Finally, Exchange Traded Concepts LLC increased its position in Marathon Digital by 9.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 763,871 shares of the business services provider’s stock valued at $12,390,000 after purchasing an additional 63,217 shares during the period. 44.53% of the stock is currently owned by institutional investors.

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.