Marathon Digital (NASDAQ:MARA) Shares Gap Up – Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.76, but opened at $9.18. Marathon Digital shares last traded at $9.8490, with a volume of 14,440,956 shares.

Wall Street Analyst Weigh In

MARA has been the subject of several analyst reports. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Cantor Fitzgerald reduced their price objective on shares of Marathon Digital from $21.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. JPMorgan Chase & Co. decreased their target price 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. Piper Sandler lowered their target price on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Marathon Digital has a consensus rating of “Hold” and an average target price of $20.00.

Marathon Digital Price Performance

The stock’s 50 day simple moving average is $9.17 and its 200-day simple moving average is $13.00. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -2.35 and a beta of 5.51. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.27 and a current ratio of 1.27.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($4.29). Marathon Digital had a negative return on equity of 19.01% and a negative net margin of 144.58%.The company had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. Equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In other Marathon Digital news, CFO Salman Hassan Khan sold 16,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total transaction of $122,560.00. Following the sale, the chief financial officer owned 359,165 shares in the company, valued at approximately $2,751,203.90. The trade was a 4.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $7.66, for a total value of $210,688.30. Following the completion of the transaction, the chief executive officer directly owned 3,381,861 shares in the company, valued at $25,905,055.26. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 133,247 shares of company stock worth $1,325,255. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently bought and sold shares of MARA. Hsbc Holdings PLC acquired a new stake in Marathon Digital during the 4th quarter valued at approximately $5,220,000. Tobam grew its holdings in Marathon Digital by 3.6% during the fourth quarter. Tobam now owns 58,338 shares of the business services provider’s stock worth $524,000 after acquiring an additional 2,045 shares during the period. Alpine Global Management LLC raised its position in Marathon Digital by 208,433.3% during the fourth quarter. Alpine Global Management LLC now owns 18,768 shares of the business services provider’s stock valued at $169,000 after acquiring an additional 18,759 shares in the last quarter. Vident Advisory LLC lifted its holdings in Marathon Digital by 71.0% in the fourth quarter. Vident Advisory LLC now owns 1,693,604 shares of the business services provider’s stock valued at $15,209,000 after acquiring an additional 703,262 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Marathon Digital by 29.3% in the fourth quarter. Mackenzie Financial Corp now owns 45,045 shares of the business services provider’s stock valued at $419,000 after acquiring an additional 10,194 shares during the period. 44.53% of the stock is owned by hedge funds and other institutional investors.

About Marathon Digital

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.