MARA's (MARA) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on MARA and maintained a $20 price target, implying roughly 75% upside from the stock’s prior close. Analysts overall assign MARA a “Moderate Buy” consensus rating with an $18.90 average target.
• MARA shares opened at $11.43 after falling 4.1%; the company recently reported a significant quarterly loss of $1.60 per share, missed revenue expectations, and posted a 26.7% year-over-year revenue decline.
• Company insiders sold 109,386 shares worth approximately $1.33 million over the past 90 days, while institutional and hedge-fund ownership stood at 44.53%.

MARA (NASDAQ:MARA - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They currently have a $20.00 price target on the business services provider's stock. HC Wainwright's price target suggests a potential upside of 74.98% from the stock's previous close.

Several other equities analysts have also recently issued reports on the stock. Piper Sandler dropped their price objective on shares of MARA from $16.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, July 17th. Weiss Ratings raised shares of MARA from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 21st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $15.00 target price on shares of MARA in a report on Friday, August 7th. BTIG Research reissued a "buy" rating and set a $27.00 price target on shares of MARA in a report on Monday, June 1st. Finally, Morgan Stanley increased their price target on shares of MARA from $5.50 to $6.00 and gave the stock an "underweight" rating in a report on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.90.

MARA Stock Down 4.1%

MARA opened at $11.43 on Friday. MARA has a 52 week low of $6.66 and a 52 week high of $23.45. The business has a 50 day moving average price of $11.25 and a two-hundred day moving average price of $11.34. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.15. The company has a market cap of $4.42 billion, a PE ratio of -1.25 and a beta of 5.32.

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

Insiders Place Their Bets

In related news, CFO Salman Khan sold 16,000 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $9.21, for a total value of $147,360.00. Following the completion of the sale, the chief financial officer owned 377,066 shares in the company, valued at $3,472,777.86. This trade represents a 4.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Zabi Nowaid sold 8,376 shares of the business'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 sale, the general counsel directly owned 898,780 shares in the company, valued at approximately $10,785,360. This 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 sold a total of 109,386 shares of company stock worth $1,332,889 in the last ninety days. 0.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of MARA during the 2nd quarter valued at approximately $161,000. WINTON GROUP Ltd acquired a new stake in shares of MARA in the 2nd quarter worth approximately $3,545,000. Engineers Gate Manager LP acquired a new stake in shares of MARA in the 2nd quarter worth approximately $1,177,000. NewEdge Advisors LLC increased its stake in MARA by 14.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,320 shares of the business services provider's stock valued at $171,000 after purchasing an additional 1,598 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in MARA by 1,154.9% in the 2nd quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider's stock valued at $34,000 after purchasing an additional 2,229 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

About MARA

MARA Holdings, Inc is an energy and digital infrastructure company whose core business is Bitcoin mining. Headquartered in Hallandale Beach, Florida, the company operates large-scale computing infrastructure designed to convert energy into high-value compute workloads.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.