Marathon Digital (NASDAQ:MARA) Shares Down 6.3%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 6.3% on Monday . The company traded as low as $16.17 and last traded at $16.20. Approximately 11,344,281 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 55,133,785 shares. The stock had previously closed at $17.29.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MARA shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Macquarie assumed coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Finally, B. Riley raised their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Up 0.9 %

The stock has a 50 day moving average price of $16.76 and a 200 day moving average price of $18.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The company has a market capitalization of $4.30 billion, a P/E ratio of 7.08 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The company had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business’s revenue for the quarter was up 77.5% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS. Equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Activity at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $15.70, for a total value of $431,938.40. Following the completion of the transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of the transaction, the chief financial officer now owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at $67,169,451.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,212 shares of company stock valued at $726,178. Corporate insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC grew its position in Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new position in shares of Marathon Digital in the 1st quarter worth about $90,000. DekaBank Deutsche Girozentrale bought a new position in shares of Marathon Digital during the 1st quarter valued at about $105,000. GAMMA Investing LLC increased its position in shares of Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after purchasing an additional 3,565 shares during the last quarter. Finally, Natixis bought a new stake in Marathon Digital in the 1st quarter worth approximately $177,000. Institutional investors own 44.53% of the company’s stock.

About Marathon Digital

Marathon Digital 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 Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.