Marathon Digital (NASDAQ:MARA) Trading Up 0.1%

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares shot up 0.1% during trading on Wednesday . The stock traded as high as $16.67 and last traded at $16.42. 12,550,944 shares were traded during mid-day trading, a decline of 77% from the average session volume of 55,297,066 shares. The stock had previously closed at $16.41.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MARA. Macquarie began coverage on Marathon Digital in a research report on Tuesday. They issued an "outperform" rating and a $22.00 price target for the company. JPMorgan Chase & Co. dropped their target price on Marathon Digital from $14.00 to $12.00 and set an "underweight" rating for the company in a research report on Friday, August 23rd. B. Riley boosted their target price on Marathon Digital from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Friday, July 12th. Finally, HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $19.61.

Marathon Digital Stock Down 1.6 %

The company's 50 day moving average price is $17.32 and its two-hundred day moving average price is $18.85. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a market cap of $4.75 billion, a P/E ratio of 7.51 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings results 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). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The company had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. During the same period in the prior year, the firm posted ($0.13) EPS. The business's revenue was up 77.5% on a year-over-year basis. As a group, research analysts expect that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current year.

Insider Activity

In other news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of the sale, the chief financial officer now owns 2,103,347 shares of the company's stock, valued at $33,022,547.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Salman Hassan Khan sold 16,700 shares of the business's stock in a transaction that occurred on 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 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 is accessible through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the business's stock in a transaction that occurred on Friday, September 20th. The stock was 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 approximately $67,169,451.30. The disclosure for this sale can be found here. Over the last quarter, 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

Large investors have recently bought and sold shares of the business. SRN Advisors LLC increased its position in shares of Marathon Digital by 136.4% during the second quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider's stock worth $3,002,000 after purchasing an additional 87,274 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Marathon Digital during the second quarter worth $1,518,000. Cetera Investment Advisers increased its position in shares of Marathon Digital by 58.5% during the second quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider's stock worth $5,150,000 after purchasing an additional 95,774 shares in the last quarter. Second Line Capital LLC acquired a new position in shares of Marathon Digital during the second quarter worth $4,060,000. Finally, Creative Planning increased its position in shares of Marathon Digital by 26.4% during the second quarter. Creative Planning now owns 28,890 shares of the business services provider's stock worth $573,000 after purchasing an additional 6,035 shares in the last quarter. 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.