Marathon Digital (NASDAQ:MARA) Stock Price Up 1.4% - Here's Why

Key Points

• Marathon Digital Holdings experienced a stock price increase of 1.4%, closing at $16.06 after trading as high as $16.13, with a significant decline in trading volume compared to its average.
• Analyst ratings for Marathon Digital have improved, with JPMorgan Chase upgrading the stock to "overweight" and raising the target price to $22.00, while multiple other firms have also adjusted their price targets upwards.
• The company reported strong quarterly earnings, with an EPS of $1.84, significantly surpassing expectations, and a revenue growth of 64% year-over-year.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price rose 1.4% during trading on Wednesday . The company traded as high as $16.13 and last traded at $16.06. Approximately 13,353,531 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 42,483,582 shares. The stock had previously closed at $15.84.

Wall Street Analyst Weigh In

MARA has been the topic of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of Marathon Digital from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $19.00 to $22.00 in a research report on Monday, July 28th. Barclays lifted their target price on shares of Marathon Digital from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 target price on shares of Marathon Digital in a research report on Wednesday, July 30th. Piper Sandler lifted their target price on shares of Marathon Digital from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, Macquarie lifted their target price on shares of Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.22.

Marathon Digital Price Performance

The business's 50-day simple moving average is $16.60 and its 200-day simple moving average is $14.99. The stock has a market cap of $5.86 billion, a PE ratio of 14.27 and a beta of 6.24. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.47.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $2.13. The firm 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 company's revenue for the quarter was up 64.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.72) earnings per share. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Insider Transactions at Marathon Digital

In other news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $15.73, for a total transaction of $546,334.36. Following the sale, the chief financial officer owned 353,160 shares of the company's stock, valued at approximately $5,555,206.80. The trade was a 8.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $15.28, for a total transaction of $420,276.40. Following the sale, the chief executive officer directly owned 3,810,799 shares in the company, valued at $58,229,008.72. The trade was a 0.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 189,712 shares of company stock worth $3,186,128 in the last ninety days. Insiders own 0.80% of the company's stock.

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Park Square Financial Group LLC purchased a new stake in Marathon Digital in the fourth quarter worth about $27,000. Fifth Third Bancorp grew its holdings in Marathon Digital by 59.9% in the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock worth $29,000 after purchasing an additional 683 shares during the period. Estabrook Capital Management purchased a new stake in Marathon Digital in the second quarter worth about $31,000. IFP Advisors Inc grew its holdings in Marathon Digital by 375.4% in the second quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider's stock worth $40,000 after purchasing an additional 2,001 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Marathon Digital by 28.9% in the fourth quarter. NewEdge Advisors LLC now owns 4,640 shares of the business services provider's stock worth $78,000 after buying an additional 1,040 shares in 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.