Marathon Digital (NASDAQ:MARA) Stock Price Up 9.9% - Here's Why

Key Points

• Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares surged by 9.9%, reaching a last traded price of $22.24, following a trading volume increase of 53% compared to its average daily volume.
• Analysts have mixed views on the stock, with a consensus rating of "Moderate Buy" and a target price around $23.40, influenced by various price objectives issued by firms like JPMorgan and Cantor Fitzgerald.
• Marathon Digital recently reported earnings of $1.84 EPS, significantly beating estimates, while achieving a 64% increase in quarterly revenue compared to the same period last year.

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) rose 9.9% on Tuesday . The company traded as high as $22.98 and last traded at $22.24. Approximately 71,540,833 shares traded hands during mid-day trading, an increase of 53% from the average daily volume of 46,715,938 shares. The stock had previously closed at $20.24.

Wall Street Analyst Weigh In

MARA has been the topic of a number of recent analyst reports. Compass Point initiated coverage on Marathon Digital in a research report on Monday, September 15th. They issued a "neutral" rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Marathon Digital from $22.00 to $20.00 and set an "overweight" rating on the stock in a research report on Friday, September 26th. Cantor Fitzgerald lifted their price objective on Marathon Digital from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, October 6th. BTIG Research reiterated a "buy" rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Friday, September 5th. Finally, Macquarie lifted their price objective on Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Marathon Digital presently has an average rating of "Moderate Buy" and a consensus target price of $23.40.

Marathon Digital Trading Up 9.9%

The company has a market cap of $8.24 billion, a PE ratio of 20.04 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 stock has a 50 day moving average price of $16.87 and a 200 day moving average price of $15.75.

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

Insider Activity

In other news, CEO Frederick G. Thiel sold 27,505 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $17.38, for a total value of $478,036.90. Following the completion of the transaction, the chief executive officer owned 3,755,789 shares in the company, valued at $65,275,612.82. This trade represents a 0.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Vicki Mealer-Burke sold 14,887 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $15.22, for a total value of $226,580.14. Following the completion of the sale, the director directly owned 58,103 shares in the company, valued at $884,327.66. This trade represents a 20.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,866 shares of company stock worth $2,825,193 in the last quarter. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted 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 acquiring an additional 683 shares in the last quarter. CX Institutional boosted its holdings in Marathon Digital by 12.6% in the second quarter. CX Institutional now owns 6,698 shares of the business services provider's stock worth $105,000 after acquiring an additional 749 shares in the last quarter. Archer Investment Corp boosted its holdings in Marathon Digital by 10.9% in the second quarter. Archer Investment Corp now owns 7,650 shares of the business services provider's stock worth $120,000 after acquiring an additional 750 shares in the last quarter. Ranch Capital Advisors Inc. boosted its holdings in Marathon Digital by 5.8% in the first quarter. Ranch Capital Advisors Inc. now owns 14,632 shares of the business services provider's stock worth $168,000 after acquiring an additional 805 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Marathon Digital by 2.7% in the second quarter. Ameritas Investment Partners Inc. now owns 35,443 shares of the business services provider's stock worth $556,000 after acquiring an additional 934 shares in the last quarter. 44.53% of the stock is 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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