Marathon Digital (NASDAQ:MARA) Shares Down 11.3% - What's Next?

Key Points

• Marathon Digital Holdings' shares dropped 11.3% to a last traded price of $20.27, following a mid-day trading session where over 63 million shares changed hands.
• Several analysts have mixed views on the stock, with price targets ranging from $18.00 to $30.00, indicating a general sentiment of "Moderate Buy" among them.
• The company's recent earnings report revealed a surprise earnings per share of $1.84, significantly exceeding analyst expectations, along with a revenue increase of 64% year-over-year.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) was down 11.3% during mid-day trading on Thursday . The stock traded as low as $19.90 and last traded at $20.27. Approximately 63,370,655 shares traded hands during mid-day trading, an increase of 35% from the average daily volume of 46,862,102 shares. The stock had previously closed at $22.84.

Wall Street Analyst Weigh In

MARA has been the topic of a number of research reports. Cantor Fitzgerald raised their price target on shares of Marathon Digital from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, October 6th. JPMorgan Chase & Co. lowered their price target on Marathon Digital from $22.00 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, September 26th. BTIG Research reiterated a "buy" rating and set a $27.00 price target on shares of Marathon Digital in a research report on Friday, September 5th. Piper Sandler raised their price objective on Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Finally, Compass Point started coverage on shares of Marathon Digital in a report on Monday, September 15th. They set a "neutral" rating and a $18.00 target price for the company. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Marathon Digital currently has an average rating of "Moderate Buy" and an average target price of $23.90.

Marathon Digital Stock Performance

The stock has a 50-day moving average of $17.14 and a 200 day moving average of $15.85. The stock has a market cap of $7.51 billion, a PE ratio of 18.25 and a beta of 6.33. 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 (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.84 EPS for the quarter, topping the consensus estimate of ($0.29) by $2.13. The business had revenue of $238.50 million for the quarter, compared to analyst estimates of $212.25 million. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%.The company's quarterly revenue was up 64.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.72) EPS. Equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In related news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $17.38, for a total value of $478,036.90. Following the completion of the transaction, the chief executive officer directly owned 3,755,789 shares in the company, valued at approximately $65,275,612.82. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vicki Mealer-Burke sold 14,887 shares of Marathon Digital stock in a transaction on Monday, September 8th. The shares were sold at an average price of $15.22, for a total value of $226,580.14. Following the completion of the sale, the director owned 58,103 shares in the company, valued at $884,327.66. This represents a 20.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 142,361 shares of company stock valued at $2,288,295 in the last 90 days. Company insiders own 0.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp lifted its holdings in shares of Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock worth $29,000 after acquiring an additional 683 shares during the last quarter. Estabrook Capital Management purchased a new stake in Marathon Digital in the second quarter valued at approximately $31,000. IFP Advisors Inc raised its position in Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider's stock valued at $40,000 after purchasing an additional 2,001 shares during the period. Osaic Holdings Inc. lifted its stake in Marathon Digital by 38.6% during the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider's stock worth $76,000 after purchasing an additional 1,340 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of Marathon Digital by 303.6% during the second quarter. Smartleaf Asset Management LLC now owns 5,013 shares of the business services provider's stock worth $75,000 after buying an additional 3,771 shares during the period. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.