Marathon Digital (NASDAQ:MARA) Trading Up 10.4% – What’s Next?

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 10.4% on Friday . The stock traded as high as $9.99 and last traded at $9.91. 44,657,214 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 35,301,048 shares. The stock had previously closed at $8.98.

Analyst Upgrades and Downgrades

Several research firms recently commented on MARA. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Monday, November 24th. Cantor Fitzgerald reduced 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 report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Marathon Digital in a report on Monday, December 29th. Rosenblatt Securities dropped their price target on shares of Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Guggenheim assumed coverage on shares of Marathon Digital in a research report on Tuesday, October 21st. They issued a “neutral” rating for the company. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.56.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The business’s 50-day moving average price is $12.49 and its two-hundred day moving average price is $15.59. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 5.51 and a beta of 5.34.

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

Insider Buying and Selling

In other news, General Counsel Zabi Nowaid sold 25,113 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $15.87, for a total value of $398,543.31. Following the completion of the sale, the general counsel directly owned 723,136 shares in the company, valued at approximately $11,476,168.32. The trade was a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $11.99, for a total value of $416,436.68. Following the sale, the chief financial officer directly owned 283,298 shares in the company, valued at approximately $3,396,743.02. This represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 218,711 shares of company stock worth $3,286,669. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Vanguard Group Inc. lifted its position in shares of Marathon Digital by 9.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock worth $827,392,000 after buying an additional 4,049,979 shares during the last quarter. State Street Corp raised its stake in Marathon Digital by 1.4% during the second quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock worth $210,977,000 after acquiring an additional 191,380 shares during the period. UBS Group AG lifted its holdings in Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after acquiring an additional 6,172,110 shares during the last quarter. Geode Capital Management LLC boosted its stake in Marathon Digital by 3.5% in the second quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider’s stock valued at $144,669,000 after acquiring an additional 315,499 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Marathon Digital by 7.8% during the second quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider’s stock valued at $106,329,000 after purchasing an additional 491,245 shares during 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.