Marathon Digital (NASDAQ:MARA) Stock Price Down 3.2% After Insider Selling

Key Points

• Marathon Digital's stock fell 3.2% to $20.07 following insider selling, with CEO Frederick G. Thiel selling 27,505 shares and CFO Salman Hassan Khan selling 34,732 shares.
• Despite the decline in stock price, several brokerages have raised their target price for Marathon Digital, with Piper Sandler and Macquarie both increasing their targets to $26.00.
• The company's latest earnings report showed a 64.0% increase in revenue year-over-year, exceeding consensus estimates with earnings per share of $1.84 for the quarter.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price traded down 3.2% on Tuesday following insider selling activity. The stock traded as low as $19.66 and last traded at $20.07. 39,594,596 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 46,856,063 shares. The stock had previously closed at $20.73.

Specifically, CEO Frederick G. Thiel sold 27,505 shares of the business's 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 owned 3,718,700 shares in the company, valued at $72,774,959. The trade was a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Salman Hassan Khan sold 34,732 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $22.74, for a total value of $789,805.68. Following the transaction, the chief financial officer owned 318,030 shares of the company's stock, valued at approximately $7,232,002.20. The trade was a 9.85% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MARA. Piper Sandler lifted their target price on Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Macquarie lifted their target price on Marathon Digital from $19.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Marathon Digital in a research report on Wednesday, October 8th. Rosenblatt Securities lifted their target price on Marathon Digital from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. Finally, BTIG Research reaffirmed a "buy" rating and set a $27.00 target price on shares of Marathon Digital in a research report on Friday, September 5th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.90.

Marathon Digital Trading Down 3.2%

The stock has a market capitalization of $7.44 billion, a P/E ratio of 18.08 and a beta of 6.33. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $17.41 and a 200 day moving average price of $16.09.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.84 earnings per share for the quarter, beating the consensus estimate of ($0.29) by $2.13. The business had revenue of $238.50 million for the quarter, compared to the consensus estimate of $212.25 million. Marathon Digital had a negative return on equity of 2.11% and a net margin of 85.02%.The company's quarterly revenue was up 64.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.72) EPS. On average, research analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Trading of Marathon Digital

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers boosted its stake in shares of Marathon Digital by 10.0% in the first quarter. Rhumbline Advisers now owns 917,299 shares of the business services provider's stock worth $10,549,000 after buying an additional 83,242 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Marathon Digital by 14.5% in the first quarter. Intech Investment Management LLC now owns 160,717 shares of the business services provider's stock worth $1,848,000 after buying an additional 20,413 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Marathon Digital by 12.0% in the second quarter. New York State Teachers Retirement System now owns 318,656 shares of the business services provider's stock worth $4,997,000 after buying an additional 34,100 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Marathon Digital by 7.7% in the second quarter. Exchange Traded Concepts LLC now owns 1,173,211 shares of the business services provider's stock worth $18,396,000 after buying an additional 83,649 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Marathon Digital by 307.7% in the first quarter. Janney Montgomery Scott LLC now owns 63,371 shares of the business services provider's stock worth $729,000 after buying an additional 47,826 shares during the last quarter. Hedge funds and other institutional investors 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.

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.