Marathon Digital (NASDAQ:MARA) Sets New 52-Week Low After Insider Selling

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price reached a new 52-week low on Thursday following insider selling activity. The company traded as low as $9.61 and last traded at $9.7250, with a volume of 37179185 shares changing hands. The stock had previously closed at $9.93.

Specifically, CFO Salman Hassan Khan sold 34,732 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the completion of the sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. This trade represents a 12.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research firms recently issued reports on MARA. Cantor Fitzgerald cut their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marathon Digital in a research report on Monday. BTIG Research reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Friday, September 5th. JPMorgan Chase & Co. decreased their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 24th. Finally, Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, November 24th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Marathon Digital presently has an average rating of “Moderate Buy” and a consensus price target of $23.56.

Marathon Digital Trading Up 5.1%

The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 5.66 and a beta of 5.42. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.09 and a current ratio of 2.09. The business has a fifty day moving average of $14.64 and a two-hundred day moving average of $16.01.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The firm had revenue of $252.41 million for the quarter, compared to analyst estimates of $254.58 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%. As a group, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG raised its stake in Marathon Digital by 104.1% in the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares during the last quarter. Marex Group plc purchased a new stake in shares of Marathon Digital during the second quarter worth about $84,301,000. Voloridge Investment Management LLC purchased a new stake in shares of Marathon Digital during the third quarter worth about $93,066,000. Vanguard Group Inc. raised its position in shares of Marathon Digital by 9.8% in the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after buying an additional 4,049,979 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Marathon Digital during the second quarter valued at approximately $59,255,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.