Marathon Digital (NASDAQ:MARA) Stock Price Up 6% - Time to Buy?

Key Points

• Marathon Digital Holdings shares saw a significant increase of 6%, reaching a last traded price of $17.22, despite a notable drop in trading volume compared to its average.
• A range of analysts have issued upgrades, raising their price targets for Marathon Digital, with Piper Sandler and Macquarie both setting targets as high as $26.00.
• The company's recent earnings report showed a substantial surplus, with $1.84 earnings per share, exceeding expectations and reflecting a 64% increase in revenue year-over-year.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price rose 6% on Tuesday . The company traded as high as $16.66 and last traded at $17.22. Approximately 22,513,073 shares changed hands during trading, a decline of 49% from the average daily volume of 43,753,313 shares. The stock had previously closed at $16.24.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MARA shares. Cantor Fitzgerald lifted their price target on shares of Marathon Digital from $34.00 to $39.00 and gave the company an "overweight" rating in a report on Monday, July 28th. JPMorgan Chase & Co. upgraded Marathon Digital from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $19.00 to $22.00 in a research note on Monday, July 28th. Macquarie lifted their price objective on Marathon Digital from $19.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Compass Point began coverage on Marathon Digital in a report on Monday. They set a "neutral" rating and a $18.00 target price for the company. Finally, BTIG Research restated a "buy" rating and issued a $27.00 price target on shares of Marathon Digital in a report on Friday, September 5th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $24.50.

Marathon Digital Stock Performance

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 stock has a fifty day simple moving average of $16.60 and a two-hundred day simple moving average of $15.15. The stock has a market cap of $6.78 billion, a PE ratio of 16.48 and a beta of 6.35.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported $1.84 EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $2.13. The business had revenue of $238.50 million for 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%. The business's revenue for the quarter was up 64.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.72) earnings per share. Equities analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In related news, Director Vicki Mealer-Burke sold 14,887 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $15.22, for a total value of $226,580.14. Following the completion of the transaction, the director owned 58,103 shares of the company's stock, valued at approximately $884,327.66. This represents a 20.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.28, for a total value of $420,276.40. Following the transaction, the chief executive officer owned 3,810,799 shares of the company's stock, valued at approximately $58,229,008.72. This trade represents a 0.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 204,598 shares of company stock valued at $3,483,548 in the last ninety days. Insiders own 0.80% of the company's stock.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Marathon Digital by 2.7% in the first quarter. Vanguard Group Inc. now owns 39,811,453 shares of the business services provider's stock worth $457,832,000 after purchasing an additional 1,028,512 shares in the last quarter. State Street Corp lifted its holdings in Marathon Digital by 1.4% during the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider's stock worth $210,977,000 after buying an additional 191,380 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Marathon Digital by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 9,225,303 shares of the business services provider's stock worth $144,669,000 after acquiring an additional 315,499 shares in the last quarter. American Century Companies Inc. grew its position in shares of Marathon Digital by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 6,781,198 shares of the business services provider's stock worth $106,329,000 after acquiring an additional 491,245 shares in the last quarter. Finally, Marex Group plc bought a new stake in shares of Marathon Digital in the 2nd quarter valued at approximately $84,301,000. Institutional investors and hedge funds own 44.53% of the company's stock.

About Marathon Digital

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.