Macquarie Begins Coverage on Marathon Digital (NASDAQ:MARA)

Macquarie assumed coverage on shares of Marathon Digital (NASDAQ:MARA) in a research note released on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $22.00 price target on the business services provider’s stock.

A number of other equities research analysts have also commented on the company. HC Wainwright reaffirmed a buy rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. B. Riley raised their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a neutral rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced 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 three have given a buy rating to the company. Based on data from MarketBeat, Marathon Digital currently has a consensus rating of Hold and an average price target of $19.61.

Marathon Digital Stock Up 8.6 %

Shares of NASDAQ MARA opened at $17.52 on Tuesday. The firm has a 50 day moving average price of $17.19 and a 200 day moving average price of $18.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The stock has a market cap of $4.95 billion, a P/E ratio of 8.15 and a beta of 5.51. Marathon Digital has a 52-week low of $7.16 and a 52-week high of $34.09.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. Marathon Digital’s quarterly revenue was up 77.5% on a year-over-year basis. During the same period last year, the firm earned ($0.13) EPS. Analysts expect that Marathon Digital will post -1.06 EPS for the current year.

Insider Transactions at Marathon Digital

In other news, CFO Salman Hassan Khan sold 16,700 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $15.70, for a total value of $262,190.00. Following the sale, the chief financial officer now 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 SEC, which is accessible through the SEC website. In related news, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $15.70, for a total value of $262,190.00. Following the sale, the chief financial officer now 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 SEC, which is available through this hyperlink. Also, CEO Frederick G. Thiel sold 27,512 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $67,169,451.30. The disclosure for this sale can be found here. Insiders sold 46,212 shares of company stock valued at $726,178 in the last ninety days. 1.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Beaird Harris Wealth Management LLC lifted its stake 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 valued at $29,000 after acquiring an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC bought a new stake in shares of Marathon Digital in the 1st quarter valued at about $90,000. DekaBank Deutsche Girozentrale acquired a new stake in Marathon Digital in the 1st quarter valued at about $105,000. GAMMA Investing LLC grew its holdings in Marathon Digital by 108.0% during the second 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 during the period. Finally, Natixis acquired a new position in Marathon Digital during the first quarter worth approximately $177,000. 44.53% of the stock is owned by institutional investors.

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.