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

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 0.8% on Friday after an insider sold shares in the company. The company traded as low as $14.97 and last traded at $15.32. 8,540,594 shares were traded during mid-day trading, a decline of 85% from the average session 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 dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the transaction, the chief financial officer now directly owns 2,103,347 shares of the company’s stock, valued at $33,022,547.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were 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 of the company’s stock, valued at approximately $67,169,451.30. The disclosure for this sale can be found here.

Analysts Set New Price Targets

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

Marathon Digital Price Performance

The company has a market cap of $4.39 billion, a PE ratio of 7.23 and a beta of 5.51. The business has a 50 day moving average of $17.88 and a 200 day moving average of $18.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate 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 company 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 business posted ($0.13) earnings per share. The company’s revenue for the quarter was up 77.5% on a year-over-year basis. As a group, research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

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

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.