Marathon Digital (NASDAQ:MARA) Announces Quarterly Earnings Results
Marathon Digital (NASDAQ:MARA) reported quarterly earnings of ($0.81) per share, missing estimates of ($0.42) by ($0.39). The company had a negative net margin of 46.68% and a positive return on equity of 6.33%. Following the announcement, MARA stock fell 3.2% to $16.61. Analysts have set new price targets, with Rosenblatt Securities raising theirs to $20.00 and Cantor Fitzgerald to $39.00. Institutional investors own 44.53% of the stock, with recent increases in holdings from several firms.
Marathon Digital (NASDAQ:MARA - Get Free Report) announced its quarterly earnings data on Tuesday. The business services provider reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.39), Zacks reports. Marathon Digital had a negative net margin of 46.68% and a positive return on equity of 6.33%.
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Marathon Digital Stock Down 3.2%
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MARA stock traded down $0.55 during midday trading on Tuesday, hitting $16.61. The stock had a trading volume of 41,453,469 shares, compared to its average volume of 42,705,453. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -11.46 and a beta of 6.53. The business has a 50-day moving average of $16.42 and a two-hundred day moving average of $15.36. Marathon Digital has a 52-week low of $9.81 and a 52-week high of $30.28. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.79 and a quick ratio of 0.79.
Insider Buying and Selling
In other Marathon Digital news, Director Douglas K. Mellinger sold 3,000 shares of the business's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $16.00, for a total value of $48,000.00. Following the sale, the director directly owned 176,859 shares of the company's stock, valued at approximately $2,829,744. The trade was a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Frederick G. Thiel sold 27,505 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $19.52, for a total value of $536,897.60. Following the completion of the sale, the chief executive officer directly owned 3,946,504 shares in the company, valued at $77,035,758.08. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 262,090 shares of company stock valued at $4,270,591 over the last ninety days. Company insiders own 0.80% of the company's stock.
Institutional Investors Weigh In On Marathon Digital
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Hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its holdings in Marathon Digital by 65.3% in the first quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider's stock worth $88,000 after acquiring an additional 3,032 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider's stock valued at $127,000 after buying an additional 991 shares during the last quarter. United Services Automobile Association boosted its position in shares of Marathon Digital by 8.2% during the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider's stock valued at $257,000 after buying an additional 1,569 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Marathon Digital by 11.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider's stock valued at $7,398,000 after buying an additional 63,903 shares during the last quarter. 44.53% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Rosenblatt Securities boosted their target price on Marathon Digital from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Compass Point raised Marathon Digital from a "sell" rating to a "neutral" rating and boosted their target price for the company from $9.50 to $18.00 in a research note on Friday. Cantor Fitzgerald boosted their target price on Marathon Digital from $34.00 to $39.00 and gave the company an "overweight" rating in a research note on Monday. Barclays boosted their target price on Marathon Digital from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Finally, Piper Sandler boosted their target price on Marathon Digital from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.56.
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View Our Latest Research Report on Marathon Digital
Marathon Digital Company Profile
(Get Free Report)MARA 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 Digital Holdings, Inc and changed its name to MARA Holdings, Inc in August 2024. MARA Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.
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