Bank of New York Mellon Corp Acquires 67,838 Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Bank of New York Mellon Corp grew its position in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Free Report) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,108,303 shares of the business services provider's stock after purchasing an additional 67,838 shares during the period. Bank of New York Mellon Corp owned approximately 0.61% of Marathon Digital worth $24,245,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MARA. Victory Capital Management Inc. grew its position in shares of Marathon Digital by 16.5% during the 4th quarter. Victory Capital Management Inc. now owns 67,654 shares of the business services provider's stock valued at $1,135,000 after purchasing an additional 9,562 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Marathon Digital during the 4th quarter valued at $1,408,000. PNC Financial Services Group Inc. grew its position in shares of Marathon Digital by 62.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,561 shares of the business services provider's stock valued at $261,000 after purchasing an additional 5,962 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Marathon Digital by 7.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 57,465 shares of the business services provider's stock valued at $964,000 after purchasing an additional 3,797 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Marathon Digital by 20.2% during the 4th quarter. HighTower Advisors LLC now owns 161,860 shares of the business services provider's stock valued at $2,714,000 after purchasing an additional 27,147 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Salman Hassan Khan sold 34,733 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $15.85, for a total transaction of $550,518.05. Following the completion of the transaction, the chief financial officer directly owned 1,413,298 shares of the company's stock, valued at approximately $22,400,773.30. This represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas K. Mellinger sold 3,000 shares of the stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $16.00, for a total transaction of $48,000.00. Following the completion of the transaction, the director directly owned 176,859 shares of the company's stock, valued at approximately $2,829,744. The trade was a 1.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 234,585 shares of company stock valued at $3,733,694. Insiders own 0.80% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Marathon Digital from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Barclays upped their target price on shares of Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. HC Wainwright reiterated a "buy" rating and issued a $28.00 target price on shares of Marathon Digital in a research report on Thursday, April 24th. Piper Sandler cut their target price on shares of Marathon Digital from $30.00 to $23.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Compass Point reiterated a "sell" rating and issued a $9.50 target price (down from $25.00) on shares of Marathon Digital in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Marathon Digital currently has an average rating of "Hold" and a consensus target price of $20.94.

Marathon Digital Trading Down 2.3%

NASDAQ MARA traded down $0.46 during trading on Friday, hitting $19.51. 41,305,648 shares of the company's stock traded hands, compared to its average volume of 45,008,378. The stock has a fifty day moving average of $16.19 and a two-hundred day moving average of $15.42. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.79 and a quick ratio of 0.79. Marathon Digital Holdings, Inc. has a 12-month low of $9.81 and a 12-month high of $30.28. The firm has a market cap of $6.87 billion, a P/E ratio of -13.46 and a beta of 6.53.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The business services provider reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.06). Marathon Digital had a negative net margin of 46.68% and a positive return on equity of 6.33%. The business had revenue of $213.88 million for the quarter, compared to analysts' expectations of $234.19 million. During the same quarter in the previous year, the company earned $1.26 earnings per share. The business's quarterly revenue was up 29.5% on a year-over-year basis. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

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.