HC Wainwright Reiterates Buy Rating for Marathon Digital (NASDAQ:MARA)

HC Wainwright restated their buy rating on shares of Marathon Digital (NASDAQ:MARA) in a report released on Thursday morning, Benzinga reports. They currently have a $27.00 price objective on the business services provider’s stock.

A number of other equities research analysts also recently weighed in on MARA. Cantor Fitzgerald assumed coverage on Marathon Digital in a research report on Thursday. They issued an overweight rating and a $21.00 target price for the company. Macquarie assumed coverage on Marathon Digital in a research report on Tuesday, September 24th. They issued an outperform rating and a $22.00 target price for the company. B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a neutral rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. cut their target price on Marathon Digital from $14.00 to $12.00 and set an underweight rating for the company in a research report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $19.79.

Marathon Digital Stock Performance

Shares of NASDAQ MARA opened at $16.08 on Thursday. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $18.48. The company has a market cap of $4.55 billion, a PE ratio of 7.48 and a beta of 5.50. Marathon Digital has a 12-month low of $7.55 and a 12-month high of $34.09.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data 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 business had revenue of $145.14 million for the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business’s quarterly revenue was up 77.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. On average, equities research analysts forecast that Marathon Digital will post -1.06 EPS for the current year.

Insider Activity

In other Marathon Digital 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 transaction of $262,190.00. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Marathon Digital news, CEO Frederick G. Thiel sold 27,512 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $15.70, for a total transaction of $431,938.40. Following the sale, the chief executive officer now directly owns 4,278,309 shares of the company’s stock, valued at $67,169,451.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $262,190.00. Following the sale, the chief financial officer now directly owns 2,103,347 shares in the company, valued at approximately $33,022,547.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,212 shares of company stock worth $726,178. Insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently modified their holdings of MARA. Vanguard Group Inc. increased its stake in shares of Marathon Digital by 26.7% in the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after acquiring an additional 4,950,392 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Marathon Digital by 261.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after acquiring an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Marathon Digital by 186.6% in the second 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 acquiring an additional 1,327,969 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Marathon Digital by 4,394.8% in the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after acquiring an additional 1,324,625 shares during the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in shares of Marathon Digital in the second quarter worth $11,920,000. 44.53% of the stock is owned by institutional investors and hedge funds.

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.