Macquarie Initiates Coverage on Marathon Digital (NASDAQ:MARA)

Equities researchers at Macquarie began coverage on shares of Marathon Digital (NASDAQ:MARA) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $22.00 price target on the business services provider’s stock. Macquarie’s target price would indicate a potential upside of 36.31% from the company’s previous close.

A number of other analysts also recently issued reports on MARA. B. Riley lifted their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. Finally, JPMorgan Chase & Co. lowered their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Performance

Shares of MARA opened at $16.14 on Tuesday. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $17.32 and a two-hundred day simple moving average of $18.85. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 7.51 and a beta of 5.51. Marathon Digital has a 52 week low of $7.16 and a 52 week high of $34.09.

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

Insider Transactions at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,700 shares of the stock in a transaction 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 owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Marathon Digital news, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $15.70, for a total transaction of $262,190.00. Following the transaction, the chief financial officer now owns 2,103,347 shares in the company, valued at $33,022,547.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the completion of the sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,212 shares of company stock worth $726,178. 1.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Beaird Harris Wealth Management LLC lifted its stake in shares of Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC purchased a new position in Marathon Digital during the 1st quarter valued at $90,000. DekaBank Deutsche Girozentrale purchased a new position in Marathon Digital during the 1st quarter valued at $105,000. GAMMA Investing LLC boosted its holdings in Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after acquiring an additional 3,565 shares during the period. Finally, 1832 Asset Management L.P. boosted its holdings in Marathon Digital by 1,555.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock valued at $164,000 after acquiring an additional 7,778 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.