Marathon Digital (NASDAQ:MARA) Trading 9.3% Higher Following Analyst Upgrade

Key Points

• Marathon Digital's stock surged 9.3% following an upgrade from Cantor Fitzgerald, which raised its price target from $28.00 to $30.00 and maintains an overweight rating.
• Insider trading activity included CFO Salman Hassan Khan selling 34,732 shares at an average price of $16.24, indicating a 9.83% decrease in his stake.
• Marathon Digital reported a strong quarterly performance with $1.84 earnings per share, significantly surpassing analysts' expectations of a loss of $0.29.

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price rose 9.3% on Monday after Cantor Fitzgerald raised their price target on the stock from $28.00 to $30.00. Cantor Fitzgerald currently has an overweight rating on the stock. Marathon Digital traded as high as $20.60 and last traded at $20.57. Approximately 72,090,420 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 46,341,535 shares. The stock had previously closed at $18.82.

A number of other research firms also recently issued reports on MARA. Compass Point started coverage on shares of Marathon Digital in a research note on Monday, September 15th. They issued a "neutral" rating and a $18.00 price target on the stock. BTIG Research reissued a "buy" rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Friday, September 5th. JPMorgan Chase & Co. decreased their price target on Marathon Digital from $22.00 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, September 26th. Macquarie lifted their price objective on Marathon Digital from $19.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, Piper Sandler boosted their price objective on Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Marathon Digital has an average rating of "Moderate Buy" and a consensus target price of $23.40.

Insider Transactions at Marathon Digital

In other Marathon Digital news, CFO Salman Hassan Khan sold 34,732 shares of Marathon Digital stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $16.24, for a total transaction of $564,047.68. Following the transaction, the chief financial officer owned 318,428 shares of the company's stock, valued at $5,171,270.72. The trade was a 9.83% decrease in their ownership of the stock. 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 value of $226,580.14. Following the completion of the sale, the director directly owned 58,103 shares of the company's stock, valued at $884,327.66. The trade was a 20.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 203,598 shares of company stock worth $3,466,128. Corporate insiders own 0.80% of the company's stock.

Institutional Trading of Marathon Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in Marathon Digital by 11.0% during the 3rd quarter. GAMMA Investing LLC now owns 13,731 shares of the business services provider's stock worth $251,000 after purchasing an additional 1,359 shares during the last quarter. Corient Private Wealth LLC acquired a new stake in shares of Marathon Digital during the second quarter worth about $323,000. WT Wealth Management increased its position in 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 acquiring an additional 3,143 shares during the period. Osaic Holdings Inc. raised its stake 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 valued at $76,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Total Investment Management Inc. acquired a new stake in Marathon Digital during the 2nd quarter worth approximately $151,000. Hedge funds and other institutional investors own 44.53% of the company's stock.

Marathon Digital Stock Up 9.3%

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 0.54. The business has a 50-day simple moving average of $16.42 and a two-hundred day simple moving average of $15.48. The company has a market capitalization of $7.62 billion, a price-to-earnings ratio of 18.53 and a beta of 6.33.

Marathon Digital (NASDAQ:MARA - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $2.13. The company 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%. Marathon Digital's revenue was up 64.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.72) EPS. As a group, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

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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