Marathon Digital (NASDAQ:MARA) Stock Price Up 1.3% - Here's Why

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price was up 1.3% on Wednesday . The company traded as high as $18.07 and last traded at $17.74. Approximately 12,202,841 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 45,020,125 shares. The stock had previously closed at $17.52.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MARA shares. HC Wainwright reiterated a "buy" rating and issued a $28.00 target price on shares of Marathon Digital in a research note on Thursday, April 24th. Barclays increased their target price on shares of Marathon Digital from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. 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. Compass Point reaffirmed a "sell" rating and issued a $9.50 price objective (down from $25.00) on shares of Marathon Digital in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their target price on Marathon Digital from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $20.94.

Marathon Digital Price Performance

The firm has a market capitalization of $6.50 billion, a P/E ratio of -12.73 and a beta of 6.53. The stock's 50 day simple moving average is $15.35 and its 200 day simple moving average is $15.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.79 and a current ratio of 0.79.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $213.88 million for the quarter, compared to analysts' expectations of $234.19 million. During the same quarter in the previous year, the business earned $1.26 earnings per share. The company's revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Salman Hassan Khan sold 34,733 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $15.85, for a total value of $550,518.05. Following the completion of the sale, the chief financial officer owned 1,413,298 shares in the company, valued at approximately $22,400,773.30. The trade was a 2.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frederick G. Thiel sold 55,010 shares of Marathon Digital stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $15.00, for a total transaction of $825,150.00. Following the transaction, the chief executive officer directly owned 4,146,804 shares in the company, valued at approximately $62,202,060. The trade was a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 198,853 shares of company stock worth $3,054,629 in the last three months. Corporate insiders own 0.80% of the company's stock.

Institutional Trading of Marathon Digital

Institutional investors have recently modified their holdings of the company. US Bancorp DE boosted its stake in Marathon Digital by 73.3% in the fourth 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 in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Marathon Digital by 55.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,845 shares of the business services provider's stock worth $266,000 after purchasing an additional 5,625 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Marathon Digital by 14.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,028,457 shares of the business services provider's stock worth $50,787,000 after buying an additional 372,094 shares during the last quarter. Victory Capital Management Inc. raised its stake in Marathon Digital by 16.5% in the fourth quarter. Victory Capital Management Inc. now owns 67,654 shares of the business services provider's stock valued at $1,135,000 after buying an additional 9,562 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in Marathon Digital by 16.9% in the fourth quarter. M&T Bank Corp now owns 22,881 shares of the business services provider's stock worth $384,000 after acquiring an additional 3,310 shares in the last quarter. 44.53% of the stock is currently owned by 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.

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