Marathon Digital (NASDAQ:MARA) Stock Price Down 9.3% - Here's What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price traded down 9.3% during mid-day trading on Wednesday . The stock traded as low as $17.36 and last traded at $18.02. 42,279,487 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 44,877,008 shares. The stock had previously closed at $19.88.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Compass Point reiterated a "sell" rating and issued a $9.50 price objective (down previously from $25.00) on shares of Marathon Digital in a research report on Tuesday, May 6th. HC Wainwright reiterated a "buy" rating and issued a $28.00 price objective on shares of Marathon Digital in a research report on Thursday, April 24th. Rosenblatt Securities upped their target price on Marathon Digital from $17.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. Barclays upped their target price on Marathon Digital from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, JPMorgan Chase & Co. upped their target price on Marathon Digital from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, June 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $21.28.

Marathon Digital Trading Down 2.0%

The business has a 50 day simple moving average of $16.36 and a 200-day simple moving average of $15.44. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of -11.87 and a beta of 6.53.

Marathon Digital (NASDAQ:MARA - Get Free Report) last issued 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 business had revenue of $213.88 million during the quarter, compared to analyst estimates of $234.19 million. Marathon Digital had a positive return on equity of 6.33% and a negative net margin of 46.68%. The firm's quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.26 earnings per share. On average, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Activity at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $19.52, for a total transaction of $536,897.60. Following the sale, the chief executive officer directly owned 3,946,504 shares in the company, valued at approximately $77,035,758.08. This trade represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $19.05, for a total value of $661,644.60. Following the sale, the chief financial officer owned 324,572 shares in the company, valued at $6,183,096.60. This represents a 9.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 262,090 shares of company stock worth $4,270,591. 0.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Marathon Digital in the 4th quarter valued at approximately $46,413,000. Vanguard Group Inc. increased its holdings in shares of Marathon Digital by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 38,782,941 shares of the business services provider's stock valued at $650,390,000 after acquiring an additional 2,706,271 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Marathon Digital by 55.7% in the 1st quarter. American Century Companies Inc. now owns 6,289,953 shares of the business services provider's stock valued at $72,334,000 after acquiring an additional 2,250,082 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Marathon Digital in the 1st quarter valued at approximately $14,810,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Marathon Digital by 192.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,897,200 shares of the business services provider's stock valued at $31,817,000 after acquiring an additional 1,248,292 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.