Marathon Digital (NASDAQ:MARA) Trading Up 9.3% After Analyst Upgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 9.3% during mid-day trading on Monday after Cantor Fitzgerald raised their price target on the stock from $28.00 to $30.00. Cantor Fitzgerald currently has an overweight rating on the stock. Marathon Digital traded as high as $20.60 and last traded at $20.57. 72,090,420 shares traded hands during mid-day trading, an increase of 56% from the average session volume of 46,341,535 shares. The stock had previously closed at $18.82.

MARA has been the subject of several other research reports. Rosenblatt Securities reiterated a “buy” rating and set a $20.00 price objective on shares of Marathon Digital in a research report on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Marathon Digital in a research report on Saturday, September 27th. Compass Point started coverage on shares of Marathon Digital in a report on Monday, September 15th. They issued a “neutral” rating and a $18.00 target price for the company. BTIG Research restated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Friday, September 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Friday, September 26th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Marathon Digital has an average rating of “Moderate Buy” and a consensus price target of $23.40.

Insider Activity

In other news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $16.24, for a total value of $564,047.68. Following the transaction, the chief financial officer owned 318,428 shares of the company’s stock, valued at $5,171,270.72. The trade was a 9.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $17.38, for a total transaction of $478,036.90. Following the completion of the transaction, the chief executive officer directly owned 3,755,789 shares in the company, valued at approximately $65,275,612.82. The trade was a 0.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 203,598 shares of company stock worth $3,466,128. 0.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in Marathon Digital by 708.0% during the 1st quarter. GAMMA Investing LLC now owns 103,776 shares of the business services provider’s stock valued at $1,193,000 after acquiring an additional 90,932 shares during the period. Rhumbline Advisers lifted its stake in Marathon Digital by 10.0% during the 1st quarter. Rhumbline Advisers now owns 917,299 shares of the business services provider’s stock valued at $10,549,000 after acquiring an additional 83,242 shares during the period. Yousif Capital Management LLC lifted its stake in Marathon Digital by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 125,578 shares of the business services provider’s stock valued at $1,444,000 after acquiring an additional 4,297 shares during the period. Simplicity Wealth LLC acquired a new stake in Marathon Digital during the 1st quarter valued at approximately $1,184,000. Finally, CX Institutional acquired a new stake in Marathon Digital during the 1st quarter valued at approximately $68,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50 day simple moving average is $16.49 and its 200 day simple moving average is $15.54. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 18.53 and a beta of 6.33.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Tuesday, July 29th. The business services provider reported $1.84 earnings per share for the quarter, beating the consensus estimate of ($0.29) by $2.13. The firm had revenue of $238.50 million during the quarter, compared to analyst estimates of $212.25 million. Marathon Digital had a net margin of 85.02% and a negative return on equity of 2.11%. The business’s quarterly revenue was up 64.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.72) EPS. Sell-side analysts forecast 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.