Marathon Digital (NASDAQ:MARA) Stock Price Down 6.5% – Here’s Why

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 6.5% during trading on Tuesday . The company traded as low as $15.06 and last traded at $15.17. Approximately 13,745,034 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 55,018,227 shares. The stock had previously closed at $16.22.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MARA shares. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. cut their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Macquarie started coverage on shares of Marathon Digital in a research note on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, B. Riley lifted their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Performance

The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 6.93 and a beta of 5.51. 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’s fifty day simple moving average is $16.65 and its two-hundred day simple moving average is $18.73.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MARA. Beaird Harris Wealth Management LLC boosted its stake in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 695 shares during the period. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital during the 1st quarter valued at about $90,000. DekaBank Deutsche Girozentrale acquired a new position in Marathon Digital during the 1st quarter valued at about $105,000. GAMMA Investing LLC boosted its stake in 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 period. Finally, 1832 Asset Management L.P. boosted its stake in Marathon Digital by 1,555.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock valued at $164,000 after purchasing an additional 7,778 shares during the period. 44.53% of the stock is owned by institutional investors and hedge funds.

Marathon Digital Company Profile

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.