Marathon Digital (NASDAQ:MARA) Shares Up 2.7% - What's Next?

Key Points

• Marathon Digital's stock price increased by 2.7%, reaching a high of $23.45 during trading on Wednesday, with an increase in trading volume by 24% compared to the average.
• Analysts have issued mixed ratings, with Cantor Fitzgerald raising its target price to $30.00 and the general sentiment reflecting a "Moderate Buy" rating among investment analysts.
• The company reported impressive quarterly earnings, with a net margin of 85.02% and a revenue increase of 64.0% year-over-year, surpassing analyst expectations significantly.

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) were up 2.7% during trading on Wednesday . The company traded as high as $23.45 and last traded at $22.84. Approximately 58,184,312 shares were traded during trading, an increase of 24% from the average daily volume of 46,777,145 shares. The stock had previously closed at $22.24.

Analyst Ratings Changes

A number of analysts have recently commented on MARA shares. Cantor Fitzgerald boosted their target price on shares of Marathon Digital from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Monday, October 6th. Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Marathon Digital in a research note on Wednesday, July 30th. Piper Sandler boosted their target price on shares of Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Compass Point started coverage on shares of Marathon Digital in a research note on Monday, September 15th. They set a "neutral" rating and a $18.00 target price for the company. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Marathon Digital in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Marathon Digital currently has an average rating of "Moderate Buy" and an average price target of $23.40.

Marathon Digital Stock Performance

The company has a market cap of $8.46 billion, a PE ratio of 20.58 and a beta of 6.33. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 0.54. The firm's 50 day moving average is $17.00 and its 200-day moving average is $15.80.

Marathon Digital (NASDAQ:MARA - Get Free Report) last announced 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 analysts' expectations 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 was up 64.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.72) EPS. On average, 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, CEO Frederick G. Thiel sold 27,505 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $17.38, for a total value of $478,036.90. Following the transaction, the chief executive officer directly owned 3,755,789 shares in the company, valued at $65,275,612.82. The trade was a 0.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $226,580.14. Following the completion of the transaction, the director owned 58,103 shares in the company, valued at $884,327.66. The trade was a 20.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 142,361 shares of company stock worth $2,288,295 in the last ninety days. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in Marathon Digital by 59.9% during the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock worth $29,000 after buying an additional 683 shares in the last quarter. CX Institutional lifted its holdings in Marathon Digital by 12.6% during the 2nd quarter. CX Institutional now owns 6,698 shares of the business services provider's stock worth $105,000 after buying an additional 749 shares in the last quarter. Archer Investment Corp lifted its holdings in Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider's stock worth $120,000 after buying an additional 750 shares in the last quarter. Ranch Capital Advisors Inc. lifted its holdings in Marathon Digital by 5.8% during the 1st quarter. Ranch Capital Advisors Inc. now owns 14,632 shares of the business services provider's stock worth $168,000 after buying an additional 805 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in Marathon Digital by 2.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider's stock worth $556,000 after buying an additional 934 shares in the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.