Marathon Digital (NASDAQ:MARA) Trading Down 1.1% - Here's What Happened

Key Points

• Marathon Digital Holdings (NASDAQ:MARA) shares experienced a decline of 1.1%, trading at approximately $17.34 after dipping to a low of $16.75 during the day.
• Equities analysts have generally rated MARA with a Moderate Buy consensus, with target prices ranging up to $39.00 from various firms.
• The company reported earnings per share of $1.84 for the last quarter, significantly surpassing the analysts' expectations and marking a 64% increase in revenue compared to the previous year.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) was down 1.1% during trading on Wednesday . The company traded as low as $16.75 and last traded at $17.34. Approximately 78,861,761 shares changed hands during mid-day trading, an increase of 77% from the average daily volume of 44,516,602 shares. The stock had previously closed at $17.53.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MARA shares. Compass Point began coverage on shares of Marathon Digital in a research report on Monday. They issued a "neutral" rating and a $18.00 target price for the company. JPMorgan Chase & Co. raised shares of Marathon Digital from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $19.00 to $22.00 in a report on Monday, July 28th. Piper Sandler upped their price objective on shares of Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Cantor Fitzgerald upped their price objective on shares of Marathon Digital from $34.00 to $39.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price objective on shares of Marathon Digital in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Marathon Digital currently has a consensus rating of "Moderate Buy" and an average price target of $24.50.

Marathon Digital Trading Up 0.7%

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.47. The business's fifty day simple moving average is $16.61 and its two-hundred day simple moving average is $15.12. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 16.76 and a beta of 6.35.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings data 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. Marathon Digital had a net margin of 85.02% and a negative return on equity of 2.11%. The company had revenue of $238.50 million for the quarter, compared to analysts' expectations of $212.25 million. During the same quarter last year, the company earned ($0.72) earnings per share. The firm's revenue for the quarter was up 64.0% on a year-over-year basis. On average, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $17.38, for a total value of $478,036.90. Following the transaction, the chief executive officer directly owned 3,755,789 shares of the company's stock, valued at $65,275,612.82. The trade was a 0.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction on 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 transaction, the chief financial officer directly owned 318,428 shares in the company, valued at $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. Over the last quarter, insiders have sold 204,598 shares of company stock valued at $3,483,548. 0.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Marathon Digital by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 39,811,453 shares of the business services provider's stock valued at $457,832,000 after buying an additional 1,028,512 shares during the last quarter. 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 purchasing 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 purchasing 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 purchasing an additional 491,245 shares in the last quarter. Finally, Marex Group plc purchased a new stake in shares of Marathon Digital during the 2nd quarter worth $84,301,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.