Comerica Bank Raises Position in Marathon Digital Holdings, Inc. $MARA

Key Points

• Comerica Bank increased its stake in Marathon Digital Holdings by 316.2%, acquiring an additional 356,219 shares to reach a total of 468,867 shares valued at approximately $5.39 million.
• Marathon Digital reported quarterly earnings of $1.84 per share, exceeding analyst expectations of ($0.29), with revenue climbing 64% year-over-year to $238.5 million.
• Multiple research firms raised their target prices for Marathon Digital, with Cantor Fitzgerald increasing it to $39.00 and Piper Sandler to $26.00, indicating a generally positive outlook among analysts.

Comerica Bank increased its holdings in Marathon Digital Holdings, Inc. (NASDAQ:MARA - Free Report) by 316.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 468,867 shares of the business services provider's stock after purchasing an additional 356,219 shares during the quarter. Comerica Bank owned 0.13% of Marathon Digital worth $5,392,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. MetLife Investment Management LLC raised its position in Marathon Digital by 16.4% in the 1st quarter. MetLife Investment Management LLC now owns 198,220 shares of the business services provider's stock worth $2,280,000 after purchasing an additional 27,900 shares during the period. Jump Financial LLC purchased a new position in Marathon Digital in the 1st quarter worth $154,000. Banco Bilbao Vizcaya Argentaria S.A. raised its position in Marathon Digital by 30.8% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 117,167 shares of the business services provider's stock worth $1,398,000 after purchasing an additional 27,584 shares during the period. Groupama Asset Managment purchased a new position in Marathon Digital in the 1st quarter worth $4,600,000. Finally, Northern Trust Corp raised its position in Marathon Digital by 7.2% in the 1st quarter. Northern Trust Corp now owns 3,529,782 shares of the business services provider's stock worth $40,592,000 after purchasing an additional 236,251 shares during the period. Hedge funds and other institutional investors own 44.53% of the company's stock.

Insider Transactions at Marathon Digital

In related news, CFO Salman Hassan Khan sold 34,732 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $15.73, for a total transaction of $546,334.36. Following the sale, the chief financial officer owned 353,160 shares of the company's stock, valued at $5,555,206.80. The trade was a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.28, for a total transaction of $420,276.40. Following the sale, the chief executive officer directly owned 3,810,799 shares in the company, valued at $58,229,008.72. The trade was a 0.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 189,712 shares of company stock worth $3,186,128 in the last ninety days. Insiders own 0.80% of the company's stock.

Marathon Digital Trading Up 0.1%

Shares of MARA traded up $0.02 during trading hours on Friday, reaching $15.98. 66,767,967 shares of the company traded hands, compared to its average volume of 41,823,888. The company's fifty day moving average price is $16.69 and its two-hundred day moving average price is $14.99. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 14.40 and a beta of 6.24. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.47. Marathon Digital Holdings, Inc. has a 12 month low of $9.81 and a 12 month high of $30.28.

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

Analyst Ratings Changes

Several brokerages have recently commented on MARA. Compass Point raised shares of Marathon Digital from a "sell" rating to a "neutral" rating and upped their price objective for the company from $9.50 to $18.00 in a research note on Friday, July 25th. JPMorgan Chase & Co. raised Marathon Digital from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $19.00 to $22.00 in a research note on Monday, July 28th. Piper Sandler raised their target price on Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Barclays raised their target price on Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $20.00 target price on shares of Marathon Digital in a research note on Wednesday, July 30th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Marathon Digital has a consensus rating of "Moderate Buy" and an average price target of $24.22.

Marathon Digital 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.