Marathon Digital (NASDAQ:MARA) Shares Down 1.4% - Here's What Happened

Key Points

• Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 1.4% to $17.01 amid a significant decline in trading volume, which was 63% lower than its average.
• Multiple analysts have recently updated their price targets for MARA, with Barclays raising their target to $16 and Piper Sandler increasing theirs to $26, reflecting a consensus rating of "Moderate Buy" with an average target of $24.56.
• The company reported a quarterly earnings loss of ($0.40) EPS, missing expectations, while revenue grew by 29.5% year-over-year but was below analyst predictions.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) traded down 1.4% on Monday . The stock traded as low as $17.00 and last traded at $17.01. 15,896,408 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 42,516,809 shares. The stock had previously closed at $17.25.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MARA shares. Barclays lifted their price objective on Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Piper Sandler lifted their target price on shares of Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. upgraded Marathon Digital from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $19.00 to $22.00 in a research report on Monday. HC Wainwright reiterated a "buy" rating and set a $28.00 target price on shares of Marathon Digital in a report on Thursday, April 24th. Finally, Compass Point raised Marathon Digital from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $9.50 to $18.00 in a report on Friday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $24.56.

Marathon Digital Stock Performance

The company has a market cap of $6.04 billion, a price-to-earnings ratio of -11.83 and a beta of 6.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.79 and a current ratio of 0.79. The stock's fifty day simple moving average is $16.41 and its two-hundred day simple moving average is $15.36.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The business services provider reported ($0.40) EPS for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.06). Marathon Digital had a positive return on equity of 6.33% and a negative net margin of 46.68%. The firm had revenue of $213.88 million during the quarter, compared to analysts' expectations of $234.19 million. During the same quarter last year, the business earned $1.26 earnings per share. The business's revenue for the quarter was up 29.5% compared to the same quarter last year. Equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $19.05, for a total value of $661,644.60. Following the completion of the sale, the chief financial officer owned 324,572 shares of the company's stock, valued at $6,183,096.60. This trade represents a 9.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas K. Mellinger sold 3,000 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $16.00, for a total transaction of $48,000.00. Following the completion of the transaction, the director owned 176,859 shares of the company's stock, valued at $2,829,744. This trade represents a 1.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 262,090 shares of company stock valued at $4,270,591. Company insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its holdings in shares of Marathon Digital by 307.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 63,371 shares of the business services provider's stock valued at $729,000 after acquiring an additional 47,826 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Marathon Digital by 1,521.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,823 shares of the business services provider's stock worth $147,000 after purchasing an additional 12,032 shares during the period. Alliancebernstein L.P. increased its stake in Marathon Digital by 1.0% during the fourth quarter. Alliancebernstein L.P. now owns 355,218 shares of the business services provider's stock valued at $5,957,000 after purchasing an additional 3,393 shares during the last quarter. Corient Private Wealth LLC acquired a new stake in shares of Marathon Digital during the fourth quarter worth $195,000. Finally, Wells Fargo & Company MN lifted its position in shares of Marathon Digital by 46.3% in the 4th quarter. Wells Fargo & Company MN now owns 239,195 shares of the business services provider's stock worth $4,011,000 after buying an additional 75,668 shares during the last quarter. 44.53% of the stock is 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.

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