Marathon Digital (NASDAQ:MARA) Shares Gap Up - Time to Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $18.76, but opened at $19.49. Marathon Digital shares last traded at $19.62, with a volume of 13,601,269 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MARA shares. HC Wainwright reaffirmed a "buy" rating and issued a $28.00 price target on shares of Marathon Digital in a research report on Thursday, April 24th. Compass Point reiterated a "sell" rating and set a $9.50 price target (down previously from $25.00) on shares of Marathon Digital in a report on Tuesday, May 6th. Barclays raised their price objective on Marathon Digital from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Piper Sandler cut their price objective on shares of Marathon Digital from $30.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Finally, JPMorgan Chase & Co. increased their target price on shares of Marathon Digital from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $20.94.

Marathon Digital Price Performance

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 business's fifty day moving average is $16.00 and its 200 day moving average is $15.38. The company has a market cap of $7.03 billion, a P/E ratio of -13.77 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) EPS for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.06). The firm had revenue of $213.88 million for the quarter, compared to analysts' expectations of $234.19 million. Marathon Digital had a negative net margin of 46.68% and a positive return on equity of 6.33%. The firm's quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.26 EPS. As a group, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In other news, CEO Frederick G. Thiel sold 55,010 shares of the firm's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $15.00, for a total value of $825,150.00. Following the completion of the transaction, the chief executive officer directly owned 4,146,804 shares of the company's stock, valued at $62,202,060. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 34,733 shares of the business's stock in a transaction that occurred on 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 directly owned 1,413,298 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 199,853 shares of company stock worth $3,072,049. Corporate insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in MARA. Park Square Financial Group LLC bought a new position in shares of Marathon Digital in the fourth quarter worth approximately $27,000. Fifth Third Bancorp raised its position in Marathon Digital by 59.9% during the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock valued at $29,000 after purchasing an additional 683 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Marathon Digital by 358.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,824 shares of the business services provider's stock worth $31,000 after purchasing an additional 1,426 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of Marathon Digital in the 4th quarter worth about $50,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of Marathon Digital by 211.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,500 shares of the business services provider's stock valued at $64,000 after purchasing an additional 2,375 shares during the last quarter. 44.53% of the stock is currently owned by 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.