Insider Selling: Marathon Digital (NASDAQ:MARA) Director Sells 1,000 Shares of Stock

Key Points

• Douglas Mellinger, Director of Marathon Digital, sold 1,000 shares at an average price of $16.10, resulting in a decrease of 0.58% in his ownership.
• Marathon Digital reported $238.50 million in revenue for its last quarter, surpassing analysts' expectations of $212.25 million, with a significant 64% year-over-year increase.
• Research analysts have set a consensus price target of $24.50 for Marathon Digital, indicating a moderate buy outlook, with several firms raising their price targets in recent reports.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) Director Douglas K. Mellinger sold 1,000 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $16.10, for a total transaction of $16,100.00. Following the completion of the sale, the director directly owned 172,859 shares in the company, valued at approximately $2,783,029.90. The trade was a 0.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Marathon Digital Price Performance

NASDAQ MARA traded down $0.07 during trading hours on Monday, reaching $16.24. The company's stock had a trading volume of 76,677,531 shares, compared to its average volume of 54,163,176. The stock has a market cap of $6.02 billion, a PE ratio of 14.63 and a beta of 6.36. Marathon Digital Holdings, Inc. has a fifty-two week low of $9.81 and a fifty-two week high of $30.28. The company's 50-day moving average is $16.64 and its two-hundred day moving average is $15.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 0.54.

Marathon Digital (NASDAQ:MARA - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $2.13. The firm had revenue of $238.50 million for the quarter, compared to analysts' expectations of $212.25 million. Marathon Digital had a net margin of 85.02% and a negative return on equity of 2.11%. The firm's revenue was up 64.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.72) EPS. Analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MARA. Rosenblatt Securities restated a "buy" rating and issued a $20.00 target price on shares of Marathon Digital in a report on Wednesday, July 30th. JPMorgan Chase & Co. upgraded shares of Marathon Digital from a "neutral" rating to an "overweight" rating and upped their target price for the company from $19.00 to $22.00 in a report on Monday, July 28th. Piper Sandler upped their target price on shares of Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Cantor Fitzgerald upped their target price on shares of Marathon Digital from $34.00 to $39.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, BTIG Research restated a "buy" rating and issued a $27.00 target price on shares of Marathon Digital in a report on Friday, September 5th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Marathon Digital currently has a consensus rating of "Moderate Buy" and an average target price of $24.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 39,811,453 shares of the business services provider's stock worth $457,832,000 after acquiring an additional 1,028,512 shares during the period. State Street Corp lifted its holdings in shares of Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider's stock worth $210,977,000 after acquiring an additional 191,380 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Marathon Digital by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider's stock worth $144,669,000 after acquiring an additional 315,499 shares during the period. American Century Companies Inc. lifted its holdings in shares of Marathon Digital by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider's stock worth $106,329,000 after acquiring an additional 491,245 shares during the period. Finally, Marex Group plc purchased a new position in shares of Marathon Digital during the 2nd quarter worth about $84,301,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.