PNC Financial Services Group Inc. Lowers Holdings in Marathon Digital Holdings, Inc. $MARA

PNC Financial Services Group Inc. trimmed its holdings in Marathon Digital Holdings, Inc. (NASDAQ:MARA) by 41.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 9,079 shares of the business services provider’s stock after selling 6,482 shares during the period. PNC Financial Services Group Inc.’s holdings in Marathon Digital were worth $104,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MARA. Wells Fargo & Company MN grew its position in Marathon Digital by 46.3% in the fourth quarter. Wells Fargo & Company MN now owns 239,195 shares of the business services provider’s stock worth $4,011,000 after acquiring an additional 75,668 shares during the period. Raymond James Financial Inc. purchased a new position in Marathon Digital in the fourth quarter worth approximately $1,408,000. Sterling Capital Management LLC grew its position in Marathon Digital by 358.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,824 shares of the business services provider’s stock worth $31,000 after acquiring an additional 1,426 shares during the period. Rockefeller Capital Management L.P. purchased a new position in Marathon Digital in the fourth quarter worth approximately $311,000. Finally, NewEdge Advisors LLC grew its position in Marathon Digital by 28.9% in the fourth quarter. NewEdge Advisors LLC now owns 4,640 shares of the business services provider’s stock worth $78,000 after acquiring an additional 1,040 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marathon Digital

In other news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $15.73, for a total value of $546,334.36. Following the sale, the chief financial officer directly owned 353,160 shares in the company, valued at approximately $5,555,206.80. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $15.28, for a total value of $420,276.40. Following the completion of the sale, the chief executive officer owned 3,810,799 shares in the company, valued at approximately $58,229,008.72. The trade was a 0.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,712 shares of company stock worth $3,186,128. Insiders own 0.80% of the company’s stock.

Marathon Digital Stock Down 5.7%

Shares of NASDAQ MARA opened at $15.17 on Wednesday. The stock has a market cap of $5.62 billion, a P/E ratio of 13.67 and a beta of 6.24. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.47. Marathon Digital Holdings, Inc. has a 12-month low of $9.81 and a 12-month high of $30.28. The business’s fifty day simple moving average is $16.57 and its 200-day simple moving average is $15.05.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $2.13. The business had revenue of $238.50 million for the quarter, compared to analysts’ expectations of $212.25 million. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%.The company’s revenue for the quarter was up 64.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.72) earnings per share. As a group, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MARA has been the subject of several analyst reports. Barclays increased their price objective on Marathon Digital from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Piper Sandler raised their price target on Marathon Digital from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Monday, July 21st. Macquarie raised their price target on Marathon Digital from $19.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 30th. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Marathon Digital in a research report on Wednesday, July 30th. Finally, HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Marathon Digital in a research report on Thursday, April 24th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.22.

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.