Marathon Digital (NASDAQ:MARA) Stock Price Down 2% - Here's What Happened

Key Points

• Marathon Digital's shares saw a 2% decline, trading at $16.83, with a marked decrease in trading volume of 78% compared to its daily average.
• Recent reports from analysts show a range of increased price targets for Marathon Digital, with an average target of $24.56 amid several buy ratings.
• Insider trading activities included the CFO selling over 34,000 shares, reflecting a 9.67% decrease in their position, indicating potential concerns about the company's outlook.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price dropped 2% during mid-day trading on Tuesday . The company traded as low as $16.87 and last traded at $16.83. Approximately 9,406,640 shares traded hands during trading, a decline of 78% from the average daily volume of 42,474,438 shares. The stock had previously closed at $17.16.

Analysts Set New Price Targets

MARA has been the topic of a number of research analyst reports. Macquarie boosted their price objective on shares of Marathon Digital from $19.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday. JPMorgan Chase & Co. raised shares of Marathon Digital from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $19.00 to $22.00 in a research report on Monday. Compass Point raised shares of Marathon Digital from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $9.50 to $18.00 in a research report on Friday, July 25th. Piper Sandler boosted their price objective on shares of Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Finally, Rosenblatt Securities reissued a "buy" rating and set a $20.00 price objective on shares of Marathon Digital in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.22.

Marathon Digital Trading Down 2.8%

The company has a market cap of $5.50 billion, a P/E ratio of 13.96 and a beta of 6.53. The stock's 50 day moving average is $16.46 and its 200-day moving average is $15.36. The company has a current ratio of 0.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.47.

Marathon Digital (NASDAQ:MARA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The business services provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.06). The firm had revenue of $213.88 million during the quarter, compared to the consensus estimate of $234.19 million. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%. The business's revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.26 EPS. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, Director Douglas K. Mellinger sold 3,000 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $16.00, for a total transaction of $48,000.00. Following the transaction, the director owned 176,859 shares in the company, valued at approximately $2,829,744. This represents a 1.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Salman Hassan Khan sold 34,733 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $15.85, for a total transaction of $550,518.05. Following the transaction, the chief financial officer owned 1,413,298 shares in the company, valued at $22,400,773.30. This represents a 2.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 262,090 shares of company stock worth $4,270,591. Company insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC lifted its stake in Marathon Digital by 307.7% during 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 period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Marathon Digital by 1,521.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,823 shares of the business services provider's stock valued at $147,000 after purchasing an additional 12,032 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Marathon Digital by 1.0% during the 4th 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. Wells Fargo & Company MN increased its position in shares of Marathon Digital by 46.3% during the 4th quarter. Wells Fargo & Company MN now owns 239,195 shares of the business services provider's stock valued at $4,011,000 after purchasing an additional 75,668 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Marathon Digital by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 207,839 shares of the business services provider's stock valued at $3,485,000 after purchasing an additional 3,998 shares during 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.