Marathon Digital (NASDAQ:MARA) Stock Price Down 3.5% – Here’s Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 3.5% on Friday . The stock traded as low as $9.43 and last traded at $9.59. Approximately 28,164,638 shares were traded during trading, a decline of 39% from the average daily volume of 45,961,625 shares. The stock had previously closed at $9.94.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MARA shares. Cantor Fitzgerald decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. JPMorgan Chase & Co. decreased their price objective on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, November 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 22nd. Rosenblatt Securities cut their price objective on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Guggenheim assumed coverage on shares of Marathon Digital in a research note on Tuesday, October 21st. They set a “neutral” rating for the company. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.56.

Marathon Digital Price Performance

The business’s 50-day moving average price is $13.53 and its 200 day moving average price is $15.81. The company has a market capitalization of $3.63 billion, a P/E ratio of 5.33 and a beta of 5.42. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.63.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%.The company had revenue of $252.41 million during the quarter, compared to analysts’ expectations of $254.58 million. Analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $10.77, for a total transaction of $296,228.85. Following the transaction, the chief executive officer directly owned 3,555,489 shares of the company’s stock, valued at approximately $38,292,616.53. The trade was a 0.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $11.48, for a total value of $398,723.36. Following the transaction, the chief financial officer owned 248,566 shares in the company, valued at $2,853,537.68. This trade represents a 12.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 218,711 shares of company stock worth $3,286,669. 0.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MARA. Hollencrest Capital Management grew its position in Marathon Digital by 2,407.4% in the 3rd quarter. Hollencrest Capital Management now owns 1,354 shares of the business services provider’s stock worth $25,000 after purchasing an additional 1,300 shares during the period. Fifth Third Bancorp lifted its position in shares of Marathon Digital by 59.9% in the second 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 in the last quarter. Estabrook Capital Management bought a new position in Marathon Digital in the 2nd quarter worth approximately $31,000. Bessemer Group Inc. increased its holdings in Marathon Digital by 56.8% in the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 659 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider’s stock worth $40,000 after buying an additional 2,001 shares in the last quarter. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.