Marathon Digital (NASDAQ:MARA) Shares Gap Up – Should You Buy?

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $16.08, but opened at $16.79. Marathon Digital shares last traded at $16.87, with a volume of 12,372,747 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Cantor Fitzgerald assumed coverage on Marathon Digital in a report on Thursday, October 10th. They set an “overweight” rating and a $21.00 target price for the company. B. Riley raised their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. reduced their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, October 10th. Finally, Macquarie assumed coverage on Marathon Digital in a research report on Tuesday, September 24th. They set an “outperform” rating and a $22.00 price target on the stock. 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 company presently has a consensus rating of “Hold” and an average price target of $19.79.

Marathon Digital Price Performance

The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $16.12 and its two-hundred day moving average price is $18.42. The company has a market cap of $4.78 billion, a P/E ratio of 7.87 and a beta of 5.50.

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

Insider Buying and Selling

In other Marathon Digital news, 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 sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at approximately $67,169,451.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Salman Hassan Khan sold 16,700 shares of the company’s 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 completion of the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at approximately $33,022,547.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick G. Thiel sold 27,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $15.70, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,212 shares of company stock worth $726,178 over the last ninety days. 1.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Beaird Harris Wealth Management LLC boosted its holdings in shares of Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 695 shares during the period. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital during the 1st quarter valued at about $90,000. DekaBank Deutsche Girozentrale bought a new position in Marathon Digital in the 1st quarter worth about $105,000. Tobam increased its stake in shares of Marathon Digital by 173.0% in the third quarter. Tobam now owns 7,701 shares of the business services provider’s stock valued at $125,000 after purchasing an additional 4,880 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Marathon Digital by 108.0% in the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after purchasing an additional 3,565 shares during the period. 44.53% of the stock is currently owned by institutional investors.

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.