Marathon Digital (NASDAQ:MARA) Shares Up 1.7% - Here's What Happened

Key Points

• Marathon Digital Holdings, Inc. saw its shares rise **1.7%** during mid-day trading on Friday, with the stock last trading at **$19.54** after closing at **$19.22**.
• Analysts have a consensus rating of **"Moderate Buy"** for Marathon Digital, with a revised target price of **$24.20**, following upgrades from firms like Cantor Fitzgerald and Macquarie.
• In recent insider trading, CEO Frederick G. Thiel and CFO Salman Hassan Khan sold shares, with total insider sales amounting to **$3.6 million** over the last 90 days.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) rose 1.7% during mid-day trading on Friday . The company traded as high as $20.04 and last traded at $19.54. Approximately 30,546,248 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 46,682,031 shares. The stock had previously closed at $19.22.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MARA shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Marathon Digital in a research report on Wednesday, October 8th. Cantor Fitzgerald lifted their target price on Marathon Digital from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Monday, October 6th. Compass Point started coverage on shares of Marathon Digital in a research report on Monday, September 15th. They set a "neutral" rating and a $18.00 target price for the company. Macquarie upped their price objective on shares of Marathon Digital from $26.00 to $29.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Piper Sandler upped their target price on Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Marathon Digital currently has an average rating of "Moderate Buy" and a consensus target price of $24.20.

Marathon Digital Stock Performance

The stock has a 50-day moving average price of $17.63 and a 200 day moving average price of $16.19. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of 17.60 and a beta of 6.33.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, beating 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%. Marathon Digital's revenue for the quarter was up 64.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.72) earnings per share. On average, analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Friday, October 17th. The stock was sold at an average price of $19.57, for a total transaction of $538,272.85. Following the completion of the transaction, the chief executive officer directly owned 3,718,700 shares of the company's stock, valued at approximately $72,774,959. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 on Wednesday, October 15th. The stock was sold at an average price of $22.74, for a total value of $789,805.68. Following the transaction, the chief financial officer directly owned 318,030 shares of the company's stock, valued at $7,232,002.20. This trade represents a 9.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 204,598 shares of company stock worth $3,616,374 over the last 90 days. Company insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System increased its position in Marathon Digital by 4.1% during the third quarter. New York State Teachers Retirement System now owns 331,756 shares of the business services provider's stock worth $6,058,000 after purchasing an additional 13,100 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Marathon Digital by 4.1% during the third quarter. Oregon Public Employees Retirement Fund now owns 83,498 shares of the business services provider's stock valued at $1,525,000 after acquiring an additional 3,300 shares in the last quarter. SLT Holdings LLC grew its stake in Marathon Digital by 38.9% during the 3rd quarter. SLT Holdings LLC now owns 39,375 shares of the business services provider's stock valued at $719,000 after purchasing an additional 11,035 shares in the last quarter. CX Institutional grew its position in shares of Marathon Digital by 27.8% during the third quarter. CX Institutional now owns 8,563 shares of the business services provider's stock worth $156,000 after buying an additional 1,865 shares in the last quarter. Finally, KLP Kapitalforvaltning AS grew its stake in Marathon Digital by 5.0% in the third quarter. KLP Kapitalforvaltning AS now owns 75,200 shares of the business services provider's stock worth $1,373,000 after purchasing an additional 3,600 shares in the last quarter. Institutional investors and hedge funds 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.

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