Marathon Digital (NASDAQ:MARA) Trading Up 5.8% - Here's What Happened

Key Points

• Marathon Digital Holdings stock rose by 5.8%, trading at $16.41, with a significant drop in daily trading volume at 14.1 million shares.
• Research firms have upgraded Marathon Digital's stock ratings, with target prices now ranging from $18.00 to $39.00, indicating strong market confidence.
• The company reported an earnings per share (EPS) of $1.84, significantly exceeding the consensus estimate, along with a 64% year-over-year revenue growth.

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shot up 5.8% during trading on Friday . The stock traded as high as $16.48 and last traded at $16.41. 14,121,349 shares traded hands during trading, a decline of 66% from the average session volume of 42,001,730 shares. The stock had previously closed at $15.51.

Analysts Set New Price Targets

Several research firms recently commented on MARA. Piper Sandler raised their price target on shares of Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Compass Point upgraded shares of Marathon Digital from a "sell" rating to a "neutral" rating and raised their price target for the company from $9.50 to $18.00 in a research report on Friday, July 25th. Barclays raised their price target on shares of Marathon Digital from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Cantor Fitzgerald raised their price target on shares of Marathon Digital from $34.00 to $39.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. upgraded shares of Marathon Digital from a "neutral" rating to an "overweight" rating and raised their price target for the company from $19.00 to $22.00 in a research report on Monday, July 28th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Marathon Digital presently has an average rating of "Moderate Buy" and a consensus price target of $24.22.

Marathon Digital Stock Performance

The firm has a fifty day moving average price of $16.60 and a 200 day moving average price of $14.99. 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 firm has a market cap of $5.87 billion, a PE ratio of 14.27 and a beta of 6.24.

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, topping the consensus estimate of ($0.29) by $2.13. The firm had revenue of $238.50 million during 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 last year, the business earned ($0.72) earnings per share. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Insider Activity 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, CFO Salman Hassan Khan sold 34,732 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $15.73, for a total transaction of $546,334.36. Following the completion of the sale, the chief financial officer directly owned 353,160 shares of the company's stock, valued at approximately $5,555,206.80. This trade represents a 8.95% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 189,712 shares of company stock valued at $3,186,128. Corporate insiders own 0.80% of the company's stock.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Park Square Financial Group LLC purchased a new stake in shares of Marathon Digital in the 4th quarter valued at approximately $27,000. Fifth Third Bancorp raised its stake in shares of Marathon Digital by 59.9% in the 2nd quarter. Fifth Third Bancorp now owns 1,824 shares of the business services provider's stock valued at $29,000 after acquiring an additional 683 shares during the period. Estabrook Capital Management purchased a new stake in shares of Marathon Digital in the 2nd quarter valued at approximately $31,000. IFP Advisors Inc raised its stake in shares of Marathon Digital by 375.4% in the 2nd quarter. IFP Advisors Inc now owns 2,534 shares of the business services provider's stock valued at $40,000 after acquiring an additional 2,001 shares during the period. Finally, CX Institutional purchased a new stake in shares of Marathon Digital in the 1st quarter valued at approximately $68,000. 44.53% of the stock is owned by hedge funds and other 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.