Douglas Mellinger Sells 1,000 Shares of Marathon Digital (NASDAQ:MARA) 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 Mellinger sold 1,000 shares of Marathon Digital stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $16.10, for a total value of $16,100.00. Following the completion of the sale, the director 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Marathon Digital Price Performance

MARA stock traded down $0.15 during trading on Thursday, hitting $15.71. The stock had a trading volume of 53,531,430 shares, compared to its average volume of 52,059,516. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.54 and a quick ratio of 0.54. Marathon Digital Holdings, Inc. has a twelve month low of $9.81 and a twelve month high of $30.28. The stock has a market capitalization of $5.82 billion, a P/E ratio of 14.15 and a beta of 6.35. The company's 50-day moving average price is $16.68 and its two-hundred day moving average price is $14.98.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $2.13. The company had revenue of $238.50 million for the quarter, compared to analysts' expectations of $212.25 million. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%.Marathon Digital's revenue was up 64.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.72) EPS. As a group, research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Park Square Financial Group LLC acquired a new stake in shares of Marathon Digital in the 4th quarter valued at about $27,000. Fifth Third Bancorp grew its position in shares of Marathon Digital by 59.9% during the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock valued at $29,000 after buying an additional 683 shares during the last quarter. Estabrook Capital Management bought a new stake in shares of Marathon Digital during the 2nd quarter valued at about $31,000. IFP Advisors Inc grew its position in shares of Marathon Digital by 375.4% during the 2nd quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider's stock valued at $40,000 after buying an additional 2,001 shares during the last quarter. Finally, CX Institutional bought a new stake in shares of Marathon Digital during the 1st quarter valued at about $68,000. Institutional investors and hedge funds own 44.53% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Cantor Fitzgerald boosted their target price on Marathon Digital from $34.00 to $39.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 price target on shares of Marathon Digital in a research report on Wednesday, July 30th. JPMorgan Chase & Co. raised shares of Marathon Digital from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $19.00 to $22.00 in a research report on Monday, July 28th. BTIG Research reaffirmed a "buy" rating and set a $27.00 price target on shares of Marathon Digital in a research report on Friday, September 5th. Finally, Compass Point raised shares of Marathon Digital from a "sell" rating to a "neutral" rating and lifted their price target for the company from $9.50 to $18.00 in a research report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Marathon Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.

About Marathon Digital

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.