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 Marathon Digital stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $16.00, for a total value of $16,000.00. Following the completion of the sale, the director now directly owns 141,756 shares in the company, valued at approximately $2,268,096. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Marathon Digital Stock Performance

Shares of NASDAQ:MARA traded down $0.25 during trading on Monday, reaching $15.87. 23,714,322 shares of the stock were exchanged, compared to its average volume of 56,272,820. Marathon Digital Holdings, Inc. has a 12 month low of $7.16 and a 12 month high of $34.09. The firm has a market cap of $4.67 billion, a PE ratio of 7.40 and a beta of 5.51. The stock has a 50-day moving average price of $18.26 and a 200-day moving average price of $19.27. 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 (NASDAQ:MARA) last released its 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 negative return on equity of 5.15% and a net margin of 62.57%. The business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. The firm’s revenue for the quarter was up 77.5% on a year-over-year basis. Research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday, August 23rd. Finally, B. Riley lifted their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Marathon Digital has a consensus rating of “Hold” and a consensus target price of $19.22.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in shares of Marathon Digital by 57.2% during the fourth quarter. Victory Capital Management Inc. now owns 29,204 shares of the business services provider’s stock worth $686,000 after buying an additional 10,627 shares in the last quarter. Natixis Advisors L.P. acquired a new position in shares of Marathon Digital during the fourth quarter worth $296,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Marathon Digital by 29.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after buying an additional 410,146 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Marathon Digital by 38.5% during the fourth quarter. Principal Financial Group Inc. now owns 24,607 shares of the business services provider’s stock worth $578,000 after buying an additional 6,836 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in shares of Marathon Digital during the fourth quarter worth $297,000. 44.53% of the stock is currently 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.