JPMorgan Chase & Co. Cuts Marathon Digital (NASDAQ:MARA) Price Target to $20.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for *Marathon Digital* from $22.00 to $20.00, maintaining an "overweight" rating on the stock.
• Despite the price cut, the new target suggests a potential upside of 24.46% from the stock's previous close of $16.07.
• Marathon Digital's recent earnings report showed a significant improvement, with earnings per share of $1.84, exceeding analyst expectations of ($0.29).

Marathon Digital (NASDAQ:MARA - Get Free Report) had its price objective cut by research analysts at JPMorgan Chase & Co. from $22.00 to $20.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 24.46% from the stock's previous close.

MARA has been the subject of a number of other reports. Macquarie upped their target price on shares of Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Piper Sandler upped their target price on shares of Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Cantor Fitzgerald boosted their price target on shares of Marathon Digital from $34.00 to $39.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. BTIG Research reissued 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 initiated coverage on shares of Marathon Digital in a research report on Monday, September 15th. They set a "neutral" rating and a $18.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.30.

Marathon Digital Price Performance

Shares of MARA stock opened at $16.07 on Friday. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of 14.48 and a beta of 6.35. 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 has a 12-month low of $9.81 and a 12-month high of $30.28. The firm has a fifty day moving average of $16.44 and a 200-day moving average of $15.22.

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, topping analysts' consensus estimates of ($0.29) by $2.13. The firm had revenue of $238.50 million during 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 period in the prior year, the business earned ($0.72) EPS. On average, equities research analysts forecast that Marathon Digital will post -1.04 earnings per share for the current year.

Insider Activity

In other news, Director Vicki Mealer-Burke sold 14,887 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $15.22, for a total value of $226,580.14. Following the sale, the director directly owned 58,103 shares of the company's stock, valued at approximately $884,327.66. This represents a 20.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $16.24, for a total transaction of $564,047.68. Following the completion of the sale, the chief financial officer directly owned 318,428 shares in the company, valued at approximately $5,171,270.72. The trade was a 9.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 204,598 shares of company stock valued at $3,483,548. 0.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Marathon Digital by 2.7% during the first quarter. Vanguard Group Inc. now owns 39,811,453 shares of the business services provider's stock worth $457,832,000 after purchasing an additional 1,028,512 shares during the period. State Street Corp boosted its position 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 in the last quarter. Geode Capital Management LLC boosted its position 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 in the last quarter. American Century Companies Inc. boosted its position 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 in the last quarter. Finally, Marex Group plc acquired a new stake in shares of Marathon Digital during the 2nd quarter worth approximately $84,301,000. 44.53% of the stock is owned by 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.

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