Marathon Digital (NASDAQ:MARA) Stock Price Up 3.4% – What’s Next?

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) shot up 3.4% during trading on Wednesday . The stock traded as high as $17.86 and last traded at $17.49. 20,351,039 shares changed hands during trading, a decline of 62% from the average session volume of 53,897,758 shares. The stock had previously closed at $16.92.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MARA. B. Riley boosted their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, October 10th. Cantor Fitzgerald assumed coverage on Marathon Digital in a research report on Thursday, October 10th. They set an “overweight” rating and a $21.00 price target on the stock. Macquarie assumed coverage on Marathon Digital in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.79.

Marathon Digital Stock Performance

The business has a fifty day moving average of $16.17 and a 200 day moving average of $18.38. The company has a market cap of $5.34 billion, a P/E ratio of 8.62 and a beta of 5.50. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The company had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The firm’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.13) earnings per share. On average, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.06 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at $33,022,547.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $15.70, for a total transaction of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at $67,169,451.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,212 shares of company stock worth $742,948 over the last three months. Company insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AlphaMark Advisors LLC increased its stake in Marathon Digital by 10.3% during the 3rd quarter. AlphaMark Advisors LLC now owns 21,058 shares of the business services provider’s stock valued at $342,000 after purchasing an additional 1,962 shares in the last quarter. Avaii Wealth Management LLC bought a new stake in shares of Marathon Digital during the third quarter valued at approximately $250,000. Vontobel Holding Ltd. raised its holdings in Marathon Digital by 49.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 43,203 shares of the business services provider’s stock worth $701,000 after acquiring an additional 14,267 shares during the last quarter. Creative Planning lifted its position in Marathon Digital by 17.2% in the 3rd quarter. Creative Planning now owns 33,864 shares of the business services provider’s stock valued at $549,000 after acquiring an additional 4,974 shares in the last quarter. Finally, VitalStone Financial LLC boosted its stake in Marathon Digital by 27.0% during the 3rd quarter. VitalStone Financial LLC now owns 64,276 shares of the business services provider’s stock valued at $1,043,000 after purchasing an additional 13,670 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital 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 Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.