Marathon Digital (NASDAQ:MARA) Stock Price Up 6.7% - Should You Buy?

Key Points

• Marathon Digital's stock price increased by 6.7% to $18.50 after previously closing at $17.34, with trading volume significantly higher than average.
• Analysts have diverse opinions on Marathon Digital, with target prices ranging from $18.00 to $39.00, and an overall average rating of "Moderate Buy".
• The company reported earnings of $1.84 EPS, exceeding expectations, with revenue of $238.50 million, marking a significant year-over-year increase of 64%.

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shot up 6.7% during trading on Thursday . The company traded as high as $19.22 and last traded at $18.50. 82,682,473 shares were traded during mid-day trading, an increase of 85% from the average session volume of 44,730,590 shares. The stock had previously closed at $17.34.

Analysts Set New Price Targets

A number of brokerages have recently commented on MARA. Macquarie lifted their price target on shares of Marathon Digital from $19.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. upgraded shares of Marathon Digital from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $19.00 to $22.00 in a research note on Monday, July 28th. BTIG Research reiterated a "buy" rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Friday, September 5th. Compass Point began coverage on shares of Marathon Digital in a research note on Monday. They issued a "neutral" rating and a $18.00 price target for the company. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 price target on shares of Marathon Digital in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.50.

Marathon Digital Trading Down 1.1%

The firm has a market capitalization of $6.78 billion, a P/E ratio of 16.48 and a beta of 6.35. The stock's 50-day simple moving average is $16.61 and its two-hundred day simple moving average is $15.12. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.54 and a quick ratio of 0.54.

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

Insider Activity at Marathon Digital

In other Marathon Digital news, Director Vicki Mealer-Burke sold 14,887 shares of the stock in a transaction dated 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 transaction, the director owned 58,103 shares of the company's stock, valued at $884,327.66. This represents a 20.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $16.24, for a total value of $564,047.68. Following the transaction, the chief financial officer owned 318,428 shares of the company's stock, valued at approximately $5,171,270.72. The trade was a 9.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,598 shares of company stock valued at $3,483,548. Corporate insiders own 0.80% of the company's stock.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its stake in Marathon Digital by 59.9% during the second quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock valued at $29,000 after purchasing an additional 683 shares in the last quarter. CX Institutional raised its stake in shares of Marathon Digital by 12.6% in the second quarter. CX Institutional now owns 6,698 shares of the business services provider's stock valued at $105,000 after acquiring an additional 749 shares during the period. Archer Investment Corp grew its holdings in Marathon Digital by 10.9% during the 2nd quarter. Archer Investment Corp now owns 7,650 shares of the business services provider's stock valued at $120,000 after purchasing an additional 750 shares during the last quarter. Ranch Capital Advisors Inc. grew its holdings in Marathon Digital by 5.8% during the 1st quarter. Ranch Capital Advisors Inc. now owns 14,632 shares of the business services provider's stock valued at $168,000 after purchasing an additional 805 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Marathon Digital by 5.1% in the 4th quarter. Mackenzie Financial Corp now owns 18,125 shares of the business services provider's stock worth $304,000 after purchasing an additional 878 shares during the period. Hedge funds and other institutional investors 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.