Farallon Capital Management LLC Buys 2,825,000 Shares of Marathon Digital Holdings, Inc. $MARA

Key Points

• Farallon Capital boosted its stake in Marathon Digital by 338.3% in Q3, buying 2,825,000 shares to own 3,660,000 shares (about 0.97% of the company) valued at roughly $66.8 million.
• Marathon reported a large quarterly miss on Feb. 26 with EPS of ($4.52) versus consensus ($0.23) and revenue of $202.3 million vs. $250.7 million, leaving the company unprofitable and analysts forecasting -1.04 EPS for the year.
• Insiders have been net sellers (98,515 shares sold over the last three months), while analyst sentiment is mixed—seven Buys, three Holds and two Sells—with a MarketBeat consensus rating of Hold and a $20 consensus price target.

Farallon Capital Management LLC increased its stake in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Free Report) by 338.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,660,000 shares of the business services provider's stock after purchasing an additional 2,825,000 shares during the quarter. Farallon Capital Management LLC owned approximately 0.97% of Marathon Digital worth $66,832,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fred Alger Management LLC acquired a new stake in Marathon Digital in the third quarter valued at approximately $906,000. Brevan Howard Capital Management LP increased its holdings in shares of Marathon Digital by 238.7% during the third quarter. Brevan Howard Capital Management LP now owns 195,260 shares of the business services provider's stock worth $3,565,000 after buying an additional 137,606 shares in the last quarter. Clear Street Group Inc. acquired a new position in shares of Marathon Digital during the third quarter worth $34,331,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Marathon Digital by 8.8% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 146,204 shares of the business services provider's stock valued at $2,670,000 after acquiring an additional 11,768 shares during the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of Marathon Digital by 15.6% in the 3rd quarter. California Public Employees Retirement System now owns 509,554 shares of the business services provider's stock valued at $9,304,000 after acquiring an additional 68,727 shares during the last quarter. Institutional investors own 44.53% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MARA. Compass Point upgraded Marathon Digital from a "neutral" rating to a "buy" rating and set a $30.00 price objective on the stock in a research report on Monday, November 24th. Morgan Stanley began coverage on Marathon Digital in a research report on Monday, February 9th. They issued an "underweight" rating and a $8.00 target price for the company. Piper Sandler cut their price target on Marathon Digital from $26.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 14th. Cantor Fitzgerald reduced their price target on Marathon Digital from $21.00 to $11.00 and set an "overweight" rating on the stock in a report on Friday, February 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $20.00 to $13.00 and set an "overweight" rating for the company in a research note on Monday, November 24th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $20.00.

Insider Transactions at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm's stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the sale, the chief executive officer owned 3,517,566 shares of the company's stock, valued at $37,989,712.80. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 16,000 shares of Marathon Digital stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total value of $122,560.00. Following the completion of the sale, the chief financial officer owned 359,165 shares of the company's stock, valued at approximately $2,751,203.90. The trade was a 4.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 98,515 shares of company stock worth $926,531 over the last three months. 0.80% of the stock is owned by company insiders.

Marathon Digital Price Performance

Shares of NASDAQ MARA opened at $9.32 on Monday. The company has a market capitalization of $3.54 billion, a PE ratio of -2.35 and a beta of 5.51. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. Marathon Digital Holdings, Inc. has a twelve month low of $6.66 and a twelve month high of $23.45. The firm has a fifty day simple moving average of $9.17 and a 200 day simple moving average of $12.98.

Marathon Digital (NASDAQ:MARA - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The firm had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. During the same period last year, the company posted $1.24 EPS. The business's revenue was down 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

About Marathon Digital

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.

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