Marathon Digital (NASDAQ:MARA) Stock Price Down 0.8% on Insider Selling

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report) were down 0.8% during trading on Friday after an insider sold shares in the company. The company traded as low as $14.97 and last traded at $15.32. Approximately 8,540,594 shares traded hands during trading, a decline of 85% from the average daily volume of 55,695,621 shares. The stock had previously closed at $15.45.

Specifically, CFO Salman Hassan Khan sold 16,700 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the completion of the sale, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $15.70, for a total value of $431,938.40. Following the transaction, 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.

Analyst Ratings Changes

A number of brokerages recently issued reports on MARA. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Friday, August 23rd. Finally, B. Riley boosted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.22.

Get Our Latest Stock Report on MARA

Marathon Digital Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The stock has a market cap of $4.39 billion, a P/E ratio of 7.23 and a beta of 5.51. The firm’s fifty day moving average price is $17.88 and its two-hundred day moving average price is $18.98.

Marathon Digital (NASDAQ:MARA – Get Free Report) last announced its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business 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%. Marathon Digital’s revenue was up 77.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) earnings per share. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SRN Advisors LLC increased its stake in Marathon Digital by 136.4% in the second quarter. SRN Advisors LLC now owns 151,252 shares of the business services provider’s stock valued at $3,002,000 after acquiring an additional 87,274 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Marathon Digital during the 2nd quarter valued at about $1,518,000. Cetera Investment Advisers lifted its position in Marathon Digital by 58.5% in the 2nd quarter. Cetera Investment Advisers now owns 259,447 shares of the business services provider’s stock worth $5,150,000 after buying an additional 95,774 shares during the last quarter. Second Line Capital LLC bought a new stake in Marathon Digital in the 2nd quarter worth approximately $4,060,000. Finally, Creative Planning boosted its stake in Marathon Digital by 26.4% in the second quarter. Creative Planning now owns 28,890 shares of the business services provider’s stock worth $573,000 after buying an additional 6,035 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

(Get Free Report)

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.

Further Reading

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