Marathon Digital (NASDAQ:MARA) Trading Down 4.1% on Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded down 4.1% on Thursday after Piper Sandler lowered their price target on the stock from $26.00 to $16.00. Piper Sandler currently has an overweight rating on the stock. Marathon Digital traded as low as $10.64 and last traded at $10.66. 46,604,809 shares changed hands during trading, an increase of 17% from the average session volume of 39,983,734 shares. The stock had previously closed at $11.11.

MARA has been the subject of a number of other research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Marathon Digital in a research note on Monday, December 29th. Rosenblatt Securities reduced their target price on Marathon Digital from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. dropped their price target on shares of Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Cantor Fitzgerald cut their price target on shares of Marathon Digital from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Finally, Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Insider Activity

In related news, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $11.99, for a total transaction of $416,436.68. Following the completion of the sale, the chief financial officer owned 283,298 shares of the company’s stock, valued at $3,396,743.02. This represents a 10.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Zabi Nowaid sold 25,113 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $15.87, for a total transaction of $398,543.31. Following the completion of the transaction, the general counsel directly owned 723,136 shares in the company, valued at $11,476,168.32. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 155,474 shares of company stock valued at $1,937,880. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. acquired a new stake in Marathon Digital in the fourth quarter worth $260,000. Exchange Traded Concepts LLC boosted its holdings in shares of Marathon Digital by 47.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,539,210 shares of the business services provider’s stock valued at $13,822,000 after acquiring an additional 494,161 shares during the period. Generali Investments CEE investicni spolecnost a.s. grew its position in shares of Marathon Digital by 31.4% during the fourth quarter. Generali Investments CEE investicni spolecnost a.s. now owns 177,234 shares of the business services provider’s stock worth $1,592,000 after acquiring an additional 42,305 shares during the last quarter. Synergy Asset Management LLC acquired a new stake in shares of Marathon Digital in the 4th quarter worth about $132,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Marathon Digital by 16.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,774 shares of the business services provider’s stock valued at $258,000 after purchasing an additional 4,017 shares during the last quarter. Institutional investors and hedge funds own 44.53% of the company’s stock.

Marathon Digital Stock Performance

The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The company’s 50-day moving average is $11.08 and its two-hundred day moving average is $15.30. The stock has a market capitalization of $4.30 billion, a P/E ratio of 6.31 and a beta of 5.34.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Tuesday, November 4th. The business services provider reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The business 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, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

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.