Macquarie Increases Marathon Digital (NASDAQ:MARA) Price Target to $29.00

Key Points

• Macquarie has increased its price target for Marathon Digital (NASDAQ:MARA) from $26.00 to $29.00, reflecting a potential upside of 51.44% from its current price.
• Despite the positive outlook from Macquarie, a mix of ratings from other analysts shows seven Buy ratings and six Hold ratings, indicating a consensus rating of "Moderate Buy."
• Marathon Digital recently reported $1.84 EPS, exceeding analyst expectations and demonstrating a 64.0% year-over-year revenue increase, with revenue of $238.50 million for the quarter.

Marathon Digital (NASDAQ:MARA - Get Free Report) had its price target lifted by research analysts at Macquarie from $26.00 to $29.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the business services provider's stock. Macquarie's price target would indicate a potential upside of 51.44% from the company's current price.

Several other equities analysts also recently weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Marathon Digital in a report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price target on Marathon Digital from $22.00 to $20.00 and set an "overweight" rating for the company in a report on Friday, September 26th. Guggenheim assumed coverage on shares of Marathon Digital in a research report on Tuesday. They issued a "neutral" rating for the company. Compass Point initiated coverage on shares of Marathon Digital in a research report on Monday, September 15th. They issued a "neutral" rating and a $18.00 price target on the stock. Finally, Rosenblatt Securities raised their price objective on shares of Marathon Digital from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.20.

Marathon Digital Trading Down 4.6%

NASDAQ:MARA traded down $0.92 during trading hours on Wednesday, hitting $19.15. The company had a trading volume of 41,263,957 shares, compared to its average volume of 46,830,418. Marathon Digital has a 1 year low of $9.81 and a 1 year high of $30.28. The company has a market cap of $7.09 billion, a P/E ratio of 17.25 and a beta of 6.33. The company has a 50-day moving average of $17.50 and a 200 day moving average of $16.11. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.47.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $2.13. Marathon Digital had a net margin of 85.02% and a negative return on equity of 2.11%. The business had revenue of $238.50 million for the quarter, compared to the consensus estimate of $212.25 million. During the same period in the previous year, the firm earned ($0.72) EPS. The business's revenue was up 64.0% on a year-over-year basis. Sell-side analysts expect that Marathon Digital will post -1.04 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Vicki Mealer-Burke sold 14,887 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was 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 $884,327.66. The trade was a 20.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $19.57, for a total value of $538,272.85. Following the completion of the sale, the chief executive officer owned 3,718,700 shares of the company's stock, valued at $72,774,959. The trade was a 0.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 204,598 shares of company stock valued at $3,616,374 over the last quarter. 0.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp lifted its stake 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 worth $29,000 after purchasing an additional 683 shares during the last quarter. CX Institutional raised its position in Marathon Digital by 12.6% during the second quarter. CX Institutional now owns 6,698 shares of the business services provider's stock valued at $105,000 after acquiring an additional 749 shares in the last quarter. Archer Investment Corp lifted its position in shares of Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider's stock valued at $120,000 after buying an additional 750 shares in the last quarter. Ranch Capital Advisors Inc. increased its stake in shares of Marathon Digital by 5.8% during the first quarter. Ranch Capital Advisors Inc. now owns 14,632 shares of the business services provider's stock worth $168,000 after purchasing an additional 805 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Marathon Digital by 2.7% during the second quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider's stock worth $556,000 after purchasing an additional 934 shares in the last quarter. Institutional investors own 44.53% of the company's stock.

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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