Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas K. Mellinger Sells 1,000 Shares

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Director Douglas K. Mellinger sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $16.77, for a total transaction of $16,770.00. Following the completion of the sale, the director now directly owns 140,756 shares of the company’s stock, valued at $2,360,478.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Marathon Digital Trading Up 6.9 %

Shares of NASDAQ:MARA traded up $1.16 during midday trading on Wednesday, hitting $18.08. 52,568,934 shares of the stock were exchanged, compared to its average volume of 54,077,336. The business’s 50-day moving average price is $16.11 and its 200 day moving average price is $18.38. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 8.30 and a beta of 5.50. Marathon Digital Holdings, Inc. has a 12 month low of $7.63 and a 12 month high of $34.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings results 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). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The company had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. During the same period in the previous year, the company posted ($0.13) EPS. The company’s quarterly revenue was up 77.5% on a year-over-year basis. Analysts predict that Marathon Digital Holdings, Inc. will post -1.06 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently made changes to their positions in MARA. Beaird Harris Wealth Management LLC increased its holdings in Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC bought a new stake in shares of Marathon Digital in the 1st quarter valued at $90,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Marathon Digital during the 1st quarter valued at $105,000. Tobam grew its holdings in Marathon Digital by 173.0% in the third quarter. Tobam now owns 7,701 shares of the business services provider’s stock worth $125,000 after purchasing an additional 4,880 shares during the period. Finally, GAMMA Investing LLC increased its stake in 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 in the last quarter. Institutional investors own 44.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MARA shares. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, October 10th. B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Cantor Fitzgerald started coverage on Marathon Digital in a report on Thursday, October 10th. They issued an “overweight” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective 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, Macquarie assumed coverage on Marathon Digital in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $19.79.

About Marathon Digital

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.