Arizona State Retirement System Grows Position in Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Arizona State Retirement System raised its position in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 13.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,209 shares of the business services provider’s stock after purchasing an additional 11,733 shares during the quarter. Arizona State Retirement System’s holdings in Marathon Digital were worth $1,118,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its stake in shares of Marathon Digital by 307.7% in the first quarter. Janney Montgomery Scott LLC now owns 63,371 shares of the business services provider’s stock valued at $729,000 after buying an additional 47,826 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Marathon Digital by 1,521.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,823 shares of the business services provider’s stock worth $147,000 after purchasing an additional 12,032 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Marathon Digital by 1.0% during the 4th quarter. Alliancebernstein L.P. now owns 355,218 shares of the business services provider’s stock worth $5,957,000 after purchasing an additional 3,393 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in Marathon Digital during the 4th quarter worth approximately $195,000. Finally, Wells Fargo & Company MN increased its holdings in Marathon Digital by 46.3% during the 4th quarter. Wells Fargo & Company MN now owns 239,195 shares of the business services provider’s stock worth $4,011,000 after purchasing an additional 75,668 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Frederick G. Thiel sold 55,010 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $15.00, for a total transaction of $825,150.00. Following the completion of the sale, the chief executive officer owned 4,146,804 shares in the company, valued at $62,202,060. This represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Salman Hassan Khan sold 34,733 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $15.85, for a total value of $550,518.05. Following the sale, the chief financial officer owned 1,413,298 shares of the company’s stock, valued at approximately $22,400,773.30. The trade was a 2.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 262,090 shares of company stock valued at $4,270,591 in the last three months. Insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Rosenblatt Securities lifted their price objective on Marathon Digital from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. boosted their price target on Marathon Digital from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, June 13th. Barclays boosted their price target on Marathon Digital from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Compass Point reiterated a “sell” rating and issued a $9.50 price target (down from $25.00) on shares of Marathon Digital in a report on Tuesday, May 6th. Finally, Piper Sandler lowered their price target on Marathon Digital from $30.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.94.

Marathon Digital Stock Down 2.3%

Shares of Marathon Digital stock opened at $19.51 on Friday. The stock’s fifty day moving average is $16.19 and its 200-day moving average is $15.41. The firm has a market capitalization of $6.87 billion, a PE ratio of -13.46 and a beta of 6.53. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.62. Marathon Digital Holdings, Inc. has a 12-month low of $9.81 and a 12-month high of $30.28.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, May 8th. The business services provider reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.06). The business had revenue of $213.88 million for the quarter, compared to analyst estimates of $234.19 million. Marathon Digital had a negative net margin of 46.68% and a positive return on equity of 6.33%. The firm’s quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.26 earnings per share. Equities analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

About Marathon Digital

MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.