Marathon Digital (NASDAQ:MARA) Trading 7% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares rose 7% on Thursday . The stock traded as high as $17.42 and last traded at $17.27. Approximately 20,002,029 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 55,226,457 shares. The stock had previously closed at $16.14.

Wall Street Analyst Weigh In

MARA has been the topic of a number of recent analyst reports. B. Riley upped their price target on Marathon Digital from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, July 12th. HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. Macquarie initiated coverage on Marathon Digital in a report on Tuesday. They issued an "outperform" rating and a $22.00 price target for the company. Finally, JPMorgan Chase & Co. cut 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $19.61.

Marathon Digital Stock Performance

The firm's 50 day simple moving average is $17.19 and its 200 day simple moving average is $18.84. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of 8.15 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.

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

Insider Buying and Selling at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,700 shares of the firm'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 transaction of $262,190.00. Following the sale, the chief financial officer now owns 2,103,347 shares of the company's stock, valued at approximately $33,022,547.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Salman Hassan Khan sold 16,700 shares of the firm'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 sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $431,938.40. Following the completion of the transaction, the chief executive officer now 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 ninety days, insiders sold 46,212 shares of company stock valued at $726,178. 1.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Beaird Harris Wealth Management LLC boosted its stake in shares of 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 during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in Marathon Digital during the 1st quarter worth $90,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Marathon Digital during the first quarter worth $105,000. GAMMA Investing LLC raised its position in shares of Marathon Digital by 108.0% in the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider's stock valued at $136,000 after buying an additional 3,565 shares during the last quarter. Finally, Natixis purchased a new position in shares of Marathon Digital in the first quarter worth about $177,000. Institutional investors and hedge funds own 44.53% of the company's stock.

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.