Marathon Digital (NASDAQ:MARA) Shares Down 3.4% - Here's Why

Key Points

• Marathon Digital's stock price fell by 3.4%, closing at $19.57 after trading as low as $19.00.
• Analysts have varying ratings and price targets, with a consensus price target of $23.90 and seven analysts rating it as a Buy.
• The company reported impressive earnings with $1.84 earnings per share, exceeding estimates and showing a 64.0% year-over-year revenue increase.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price traded down 3.4% on Friday . The company traded as low as $19.00 and last traded at $19.57. 49,436,281 shares traded hands during trading, an increase of 5% from the average session volume of 46,878,371 shares. The stock had previously closed at $20.26.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Macquarie upped their price target on shares of Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Marathon Digital in a research report on Wednesday, October 8th. 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 objective for the company. BTIG Research reissued a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Friday, September 5th. Finally, 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 research report on Monday, July 21st. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.90.

Marathon Digital Price Performance

The company's 50-day moving average price is $17.22 and its two-hundred day moving average price is $15.91. The company has a market cap of $7.25 billion, a P/E ratio of 17.63 and a beta of 6.33. 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 earnings results on Tuesday, July 29th. The business services provider reported $1.84 earnings per share for the quarter, topping the consensus estimate of ($0.29) by $2.13. The company had revenue of $238.50 million during the quarter, compared to the consensus estimate of $212.25 million. Marathon Digital had a net margin of 85.02% and a negative return on equity of 2.11%. The company's revenue was up 64.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.72) EPS. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Transactions at Marathon Digital

In other news, Director Vicki Mealer-Burke sold 14,887 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $884,327.66. The trade was a 20.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frederick G. Thiel sold 27,505 shares of the business's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $17.38, for a total transaction of $478,036.90. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 142,361 shares of company stock valued at $2,288,295. Insiders own 0.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp boosted 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 valued at $29,000 after buying an additional 683 shares during the period. Estabrook Capital Management bought a new stake in Marathon Digital in the 2nd quarter valued at about $31,000. IFP Advisors Inc lifted its position in Marathon Digital by 375.4% in the 2nd 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 last quarter. Osaic Holdings Inc. lifted its position in Marathon Digital by 38.6% in the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider's stock valued at $76,000 after purchasing an additional 1,340 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in Marathon Digital by 303.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 5,013 shares of the business services provider's stock valued at $75,000 after purchasing an additional 3,771 shares during the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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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