Marathon Digital (NASDAQ:MARA) Shares Up 1.5% Following Analyst Upgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 1.5% during trading on Wednesday after Macquarie raised their price target on the stock from $19.00 to $26.00. Macquarie currently has an outperform rating on the stock. Marathon Digital traded as high as $17.92 and last traded at $16.86. 23,879,435 shares traded hands during trading, a decline of 44% from the average session volume of 42,547,680 shares. The stock had previously closed at $16.61.

Other equities research analysts have also issued reports about the stock. Barclays raised their price objective on shares of Marathon Digital from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Piper Sandler raised their price objective on shares of Marathon Digital from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. Rosenblatt Securities restated a “buy” rating and set a $20.00 price objective on shares of Marathon Digital in a report on Wednesday. Cantor Fitzgerald raised their target price on shares of Marathon Digital from $34.00 to $39.00 and gave the company an “overweight” rating in a research report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Marathon Digital in a research report on Thursday, April 24th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.22.

Insider Activity at Marathon Digital

In other news, CEO Frederick G. Thiel sold 55,010 shares of Marathon Digital stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $15.00, for a total value of $825,150.00. Following the completion of the transaction, the chief executive officer owned 4,146,804 shares of the company’s stock, valued at $62,202,060. This trade represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas K. Mellinger sold 3,000 shares of Marathon Digital stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $16.00, for a total transaction of $48,000.00. Following the completion of the transaction, the director directly owned 176,859 shares of the company’s stock, valued at approximately $2,829,744. This trade represents a 1.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 262,090 shares of company stock valued at $4,270,591. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp grew its position in shares of Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 683 shares during the period. CX Institutional grew its position in shares of Marathon Digital by 12.6% in the 2nd quarter. CX Institutional now owns 6,698 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 749 shares during the period. Ranch Capital Advisors Inc. grew its position in shares of Marathon Digital by 5.8% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,632 shares of the business services provider’s stock valued at $168,000 after acquiring an additional 805 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Marathon Digital by 5.1% during the 4th quarter. Mackenzie Financial Corp now owns 18,125 shares of the business services provider’s stock worth $304,000 after buying an additional 878 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its holdings in shares of Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the period. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Stock Down 0.4%

The firm has a market cap of $5.82 billion, a P/E ratio of 14.91 and a beta of 6.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s fifty day moving average is $16.43 and its 200 day moving average is $15.36.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, May 8th. The business services provider reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.06). The company had revenue of $213.88 million for the quarter, compared to the consensus estimate of $234.19 million. Marathon Digital had a negative return on equity of 2.29% and a net margin of 85.02%. The business’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 EPS. As a group, equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal 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.