Marathon Digital (NASDAQ:MARA) Shares Gap Down to $17.29

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down before the market opened on Monday . The stock had previously closed at $17.29, but opened at $16.61. Marathon Digital shares last traded at $16.48, with a volume of 5,957,105 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Macquarie started coverage on shares of Marathon Digital in a report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. Finally, JPMorgan Chase & Co. cut their price target 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Marathon Digital has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Price Performance

The firm has a market capitalization of $4.65 billion, a PE ratio of 7.53 and a beta of 5.51. The firm’s fifty day moving average price is $17.04 and its 200 day moving average price is $18.80. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share 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 company had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same quarter in the previous year, the business posted ($0.13) EPS. The business’s quarterly revenue was up 77.5% on a year-over-year basis. As a group, equities analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

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 sale, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the firm’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 value of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Salman Hassan Khan sold 16,700 shares of the company’s 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,212 shares of company stock valued at $726,178. 1.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Beaird Harris Wealth Management LLC lifted its stake in Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new position in shares of Marathon Digital in the first quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale acquired a new position in Marathon Digital in the 1st quarter valued at $105,000. GAMMA Investing LLC lifted its holdings in Marathon Digital by 108.0% in the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after purchasing an additional 3,565 shares in the last quarter. Finally, Natixis acquired a new stake in shares of Marathon Digital in the first quarter valued at about $177,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

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.