Marathon Digital (NASDAQ:MARA) Receives Buy Rating from BTIG Research

by · The Cerbat Gem

Marathon Digital (NASDAQ:MARA – Get Free Report)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a research report issued on Monday,Benzinga reports. They currently have a $27.00 price target on the business services provider’s stock. BTIG Research’s price objective points to a potential upside of 87.76% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Rosenblatt Securities upped their target price on shares of Marathon Digital from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, May 1st. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Morgan Stanley lowered their target price on shares of Marathon Digital from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 19th. Weiss Ratings cut shares of Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald reduced their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $18.38.

Check Out Our Latest Report on MARA

Marathon Digital Price Performance

MARA opened at $14.38 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market capitalization of $5.48 billion, a P/E ratio of -2.51 and a beta of 5.38. The company’s 50-day simple moving average is $11.13 and its two-hundred day simple moving average is $10.38. Marathon Digital has a 52-week low of $6.66 and a 52-week high of $23.45.

Marathon Digital (NASDAQ:MARA – Get Free Report) last posted its earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($4.29). The company had revenue of $202.31 million for the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative net margin of 234.83% and a negative return on equity of 23.20%. Marathon Digital’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.24 EPS. As a group, analysts predict that Marathon Digital will post -1.67 EPS for the current year.

Insider Buying and Selling

In related news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $11.68, for a total value of $186,880.00. Following the transaction, the chief financial officer owned 441,066 shares of the company’s stock, valued at approximately $5,151,650.88. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $252,495.90. Following the completion of the transaction, the chief executive officer directly owned 4,788,954 shares in the company, valued at approximately $43,962,597.72. The trade was a 0.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 180,855 shares of company stock valued at $2,033,654. 0.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently made changes to their positions in MARA. UBS Group AG boosted its holdings in shares of Marathon Digital by 104.1% in the third quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Marathon Digital during the 3rd quarter worth approximately $93,066,000. Norges Bank bought a new stake in Marathon Digital during the 4th quarter worth approximately $39,492,000. Vanguard Group Inc. lifted its holdings in Marathon Digital by 9.8% during the third quarter. Vanguard Group Inc. now owns 45,311,718 shares of the business services provider’s stock valued at $827,392,000 after purchasing an additional 4,049,979 shares in the last quarter. Finally, Capital Research Global Investors bought a new position in shares of Marathon Digital in the third quarter worth approximately $68,090,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

About Marathon Digital

(Get Free Report)

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.

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