MARA (NASDAQ:MARA) Earns Underweight Rating from JPMorgan Chase & Co.

Key Points

• JPMorgan reaffirmed its Underweight rating on MARA and lowered its price target from $13 to $11, implying 8.18% downside from the prior close.
• MARA reported a significant quarterly miss, with a loss of $1.60 per share versus expectations for $0.17 in earnings and revenue of $174.88 million versus estimates of $209.44 million. Revenue declined 26.7% year over year, and analysts expect a full-year loss.
• Analyst sentiment remains mixed: MARA has a consensus rating of Hold and an average price target of $18.70, while company insiders sold 109,386 shares worth approximately $1.33 million over the past 90 days.

MARA (NASDAQ:MARA - Get Free Report)'s stock had its "underweight" rating reissued by equities research analysts at JPMorgan Chase & Co. in a research note issued to investors on Monday, Benzinga reports. They presently have a $11.00 price objective on the business services provider's stock, down from their prior price objective of $13.00. JPMorgan Chase & Co.'s price objective indicates a potential downside of 8.18% from the company's previous close.

Other research analysts have also issued research reports about the company. Piper Sandler decreased their target price on MARA from $16.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday, July 17th. BTIG Research reiterated a "buy" rating and set a $27.00 price objective on shares of MARA in a research note on Monday, June 1st. Rosenblatt Securities reissued a "buy" rating and issued a $15.00 target price on shares of MARA in a report on Friday, August 7th. Morgan Stanley lifted their target price on MARA from $5.50 to $6.00 and gave the company an "underweight" rating in a research note on Thursday, August 13th. Finally, Weiss Ratings raised MARA from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 21st. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, MARA currently has a consensus rating of "Hold" and an average target price of $18.70.

MARA Stock Performance

Shares of MARA stock opened at $11.98 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.89 and a current ratio of 0.89. MARA has a 1 year low of $6.66 and a 1 year high of $23.45. The firm's 50-day simple moving average is $11.25 and its 200-day simple moving average is $11.37. The firm has a market cap of $4.63 billion, a PE ratio of -1.31 and a beta of 5.32.

MARA (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The business services provider reported ($1.60) EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($1.77). MARA had a negative return on equity of 26.05% and a negative net margin of 429.71%.The firm had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. During the same quarter last year, the business posted $1.84 earnings per share. The firm's revenue for the quarter was down 26.7% on a year-over-year basis. Equities analysts forecast that MARA will post -1.24 earnings per share for the current fiscal year.

Insider Activity

In other MARA news, CFO Salman Khan sold 16,000 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total transaction of $147,360.00. Following the completion of the transaction, the chief financial officer directly owned 377,066 shares of the company's stock, valued at $3,472,777.86. The trade was a 4.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,376 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $12.00, for a total transaction of $100,512.00. Following the completion of the transaction, the general counsel owned 898,780 shares of the company's stock, valued at approximately $10,785,360. This trade represents a 0.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 109,386 shares of company stock worth $1,332,889 over the last ninety days. Insiders own 0.97% of the company's stock.

Hedge Funds Weigh In On MARA

Several hedge funds and other institutional investors have recently made changes to their positions in MARA. Ascentis Independent Advisors acquired a new stake in MARA in the 1st quarter valued at approximately $28,000. Bogart Wealth LLC grew its stake in shares of MARA by 4,345.1% in the first quarter. Bogart Wealth LLC now owns 4,045 shares of the business services provider's stock worth $33,000 after purchasing an additional 3,954 shares in the last quarter. IFP Advisors Inc grew its stake in shares of MARA by 1,154.9% in the second quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider's stock worth $34,000 after purchasing an additional 2,229 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of MARA during the fourth quarter valued at $36,000. Finally, Hantz Financial Services Inc. raised its stake in shares of MARA by 344.8% during the fourth quarter. Hantz Financial Services Inc. now owns 5,022 shares of the business services provider's stock valued at $45,000 after purchasing an additional 3,893 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

MARA Company Profile

MARA Holdings, Inc, formerly known as Marathon Digital Holdings, Inc, is a digital asset technology company focused primarily on mining bitcoin. The company operates and supports computing infrastructure designed to secure the Bitcoin network by processing transactions and earning bitcoin rewards.

MARA develops and deploys large-scale data center and energy infrastructure for digital asset mining. Its activities include operating mining facilities, managing specialized application-specific integrated circuit (ASIC) mining equipment, and pursuing energy and infrastructure solutions intended to support more efficient and scalable computing operations.

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