Marathon Digital (NASDAQ:MARA) Shares Up 8% - Here's What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price was up 8% during mid-day trading on Wednesday . The stock traded as high as $17.13 and last traded at $16.95. Approximately 24,526,193 shares were traded during trading, a decline of 45% from the average daily volume of 44,952,330 shares. The stock had previously closed at $15.70.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MARA shares. Barclays increased their price objective on Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. HC Wainwright reiterated a "buy" rating and set a $28.00 price objective on shares of Marathon Digital in a research note on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective on Marathon Digital from $18.00 to $19.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Piper Sandler lowered their target price on Marathon Digital from $30.00 to $23.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, Rosenblatt Securities raised their target price on Marathon Digital from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $20.94.

Marathon Digital Stock Down 0.4%

The firm has a 50 day moving average of $15.23 and a 200 day moving average of $15.46. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of -12.22 and a beta of 6.53. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.62.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its earnings results on Thursday, May 8th. The business services provider reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.06). Marathon Digital had a positive return on equity of 6.33% and a negative net margin of 46.68%. The business had revenue of $213.88 million for the quarter, compared to analyst estimates of $234.19 million. During the same period in the prior year, the business earned $1.26 EPS. The company's revenue for the quarter was up 29.5% on a year-over-year basis. As a group, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Insider Buying and Selling at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $15.30, for a total value of $420,826.50. Following the completion of the transaction, the chief executive officer directly owned 3,983,593 shares in the company, valued at approximately $60,948,972.90. This represents a 0.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Salman Hassan Khan sold 34,733 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $15.85, for a total value of $550,518.05. Following the completion of the transaction, the chief financial officer owned 1,413,298 shares of the company's stock, valued at $22,400,773.30. The trade was a 2.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,853 shares of company stock valued at $3,054,629. Company insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Park Square Financial Group LLC bought a new stake in shares of Marathon Digital in the 4th quarter valued at about $27,000. Sterling Capital Management LLC lifted its stake in shares of Marathon Digital by 358.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,824 shares of the business services provider's stock valued at $31,000 after acquiring an additional 1,426 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Marathon Digital in the 4th quarter valued at about $50,000. US Bancorp DE lifted its stake in shares of Marathon Digital by 73.3% in the 4th quarter. US Bancorp DE now owns 3,559 shares of the business services provider's stock valued at $60,000 after acquiring an additional 1,505 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Marathon Digital by 211.1% in 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 acquiring an additional 2,375 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.