Marathon Digital (NASDAQ:MARA) Stock Price Down 5.2% - Here's What Happened

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares were down 5.2% on Monday . The stock traded as low as $16.39 and last traded at $16.73. Approximately 19,496,945 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 45,088,446 shares. The stock had previously closed at $17.66.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays upped their price target on shares of Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Piper Sandler dropped their target price on shares of Marathon Digital from $30.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. JPMorgan Chase & Co. increased their target price on shares of Marathon Digital from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. Compass Point reiterated a "sell" rating and set a $9.50 target price (down from $25.00) on shares of Marathon Digital in a report on Tuesday, May 6th. Finally, Rosenblatt Securities increased their target price on shares of Marathon Digital from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $20.94.

Marathon Digital Stock Up 2.8%

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $6.68 billion, a PE ratio of -13.09 and a beta of 6.53. The business's 50-day simple moving average is $15.55 and its 200-day simple moving average is $15.39.

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

Insider Activity

In other news, CFO Salman Hassan Khan sold 34,733 shares of Marathon Digital stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $15.85, for a total transaction of $550,518.05. Following the completion of the transaction, the chief financial officer directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas K. Mellinger sold 3,000 shares of Marathon Digital stock in a transaction on Friday, May 9th. The shares were sold at an average price of $16.00, for a total transaction of $48,000.00. Following the completion of the sale, the director directly owned 176,859 shares in the company, valued at $2,829,744. This represents a 1.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 199,853 shares of company stock valued at $3,072,049 in the last three months. 0.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Marathon Digital during the 4th quarter worth $46,413,000. Vanguard Group Inc. lifted its position in Marathon Digital by 7.5% in the fourth quarter. Vanguard Group Inc. now owns 38,782,941 shares of the business services provider's stock valued at $650,390,000 after buying an additional 2,706,271 shares during the last quarter. American Century Companies Inc. lifted its position in Marathon Digital by 55.7% in the first quarter. American Century Companies Inc. now owns 6,289,953 shares of the business services provider's stock valued at $72,334,000 after buying an additional 2,250,082 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Marathon Digital in the first quarter valued at about $14,810,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Marathon Digital by 192.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,897,200 shares of the business services provider's stock valued at $31,817,000 after buying an additional 1,248,292 shares during 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.