Marathon Digital (NASDAQ:MARA) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Marathon Digital (NASDAQ:MARA) in a research report released on Thursday morning, Marketbeat reports. The firm issued an overweight rating and a $21.00 price objective on the business services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Macquarie began coverage on shares of Marathon Digital in a report on Tuesday, September 24th. They set an outperform rating and a $22.00 price target on the stock. HC Wainwright reiterated a buy rating and set a $27.00 price target on shares of Marathon Digital in a 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. dropped their target price on shares of Marathon Digital from $14.00 to $12.00 and set an underweight rating on the stock in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $19.79.

Marathon Digital Stock Up 4.3 %

MARA traded up $0.66 during midday trading on Thursday, reaching $15.89. The company’s stock had a trading volume of 6,015,405 shares, compared to its average volume of 53,888,652. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 9.76 and a beta of 5.50. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. Marathon Digital has a 1 year low of $7.55 and a 1 year high of $34.09. The stock’s 50-day moving average is $16.14 and its 200-day moving average is $18.53.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same quarter in the previous year, the company earned ($0.13) EPS. The company’s quarterly revenue was up 77.5% compared to the same quarter last year. As a group, research analysts expect that Marathon Digital will post -1.06 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of Marathon Digital stock in a transaction 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 sale, the chief executive officer now directly owns 4,278,309 shares in the company, valued at approximately $67,169,451.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of Marathon Digital stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Salman Hassan Khan sold 16,700 shares of Marathon Digital stock in a transaction on Monday, September 16th. The stock was sold at an average price of $15.70, for a total transaction of $262,190.00. Following the completion of 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,212 shares of company stock worth $726,178. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Marathon Digital by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock worth $540,002,000 after purchasing an additional 441,455 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Marathon Digital by 261.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after purchasing an additional 2,340,472 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Marathon Digital by 186.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after purchasing an additional 1,327,969 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Marathon Digital by 4,394.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after purchasing an additional 1,324,625 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Marathon Digital by 12.7% during the 2nd quarter. Millennium Management LLC now owns 1,333,856 shares of the business services provider’s stock worth $26,477,000 after purchasing an additional 149,805 shares during the period. 44.53% of the stock is owned by hedge funds and other 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.