Marathon Digital (NASDAQ:MARA) Trading Up 2.7% - Here's What Happened

Key Points

• Marathon Digital's share price increased by 2.7% to $16.37, with a trading volume significantly lower than average at approximately 15.5 million shares.
• Research firms have issued optimistic ratings for Marathon Digital, with several raising their price targets, leading to a consensus price target of $24.50 and a rating of "Moderate Buy."
• The company reported a substantial earnings beat with $1.84 EPS for the quarter, exceeding estimates and showing a 64% year-over-year revenue growth to $238.5 million.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price rose 2.7% during trading on Wednesday . The company traded as high as $16.42 and last traded at $16.37. Approximately 15,530,348 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 43,248,000 shares. The stock had previously closed at $15.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MARA. Macquarie upped their price target on Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 price target on shares of Marathon Digital in a research report on Wednesday, July 30th. Cantor Fitzgerald upped their price target on Marathon Digital from $34.00 to $39.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. raised Marathon Digital from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $19.00 to $22.00 in a research report on Monday, July 28th. Finally, BTIG Research reaffirmed a "buy" rating and set a $27.00 price target on shares of Marathon Digital in a research report on Friday, September 5th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.50.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $6.04 billion, a PE ratio of 14.69 and a beta of 6.35. The firm's fifty day simple moving average is $16.65 and its 200 day simple moving average is $15.02.

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

Insider Buying and Selling at Marathon Digital

In other news, CEO Frederick G. Thiel sold 27,505 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.28, for a total value of $420,276.40. Following the completion of the sale, the chief executive officer owned 3,810,799 shares of the company's stock, valued at $58,229,008.72. This represents a 0.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Vicki Mealer-Burke sold 14,887 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $15.22, for a total transaction of $226,580.14. Following the completion of the sale, the director directly owned 58,103 shares of the company's stock, valued at approximately $884,327.66. This trade represents a 20.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,866 shares of company stock worth $2,862,290. Insiders own 0.80% of the company's stock.

Institutional Trading of Marathon Digital

Several hedge funds have recently made changes to their positions in the company. WT Wealth Management grew its stake in shares of Marathon Digital by 25.9% in the 2nd quarter. WT Wealth Management now owns 15,269 shares of the business services provider's stock valued at $239,000 after buying an additional 3,143 shares during the period. Osaic Holdings Inc. lifted its holdings in Marathon Digital by 38.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider's stock worth $76,000 after buying an additional 1,340 shares in the last quarter. Total Investment Management Inc. acquired a new stake in Marathon Digital during the 2nd quarter worth approximately $151,000. Thrivent Financial for Lutherans lifted its holdings in Marathon Digital by 3.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 258,778 shares of the business services provider's stock worth $4,058,000 after buying an additional 9,495 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Marathon Digital by 92.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 47,915 shares of the business services provider's stock worth $751,000 after buying an additional 23,000 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.