MARA (NASDAQ:MARA) Stock Jumps 8% – Time to Buy?

by · The Markets Daily

MARA Holdings (NASDAQ:MARA – Get Free Report) traded up 8% during mid-day trading on Friday. The company traded as high as $12.24 and last traded at $12.1020. 7,538,319 shares traded hands during trading, a decline of 84% from the average daily volume of 45,869,434 shares. The stock had previously closed at $11.21.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MARA shares. Morgan Stanley reiterated an “underweight” rating and issued a $11.00 price objective (up from $6.00) on shares of MARA in a report on Friday, September 18th. Weiss Ratings raised MARA from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Piper Sandler reduced their target price on MARA from $16.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Rosenblatt Securities reissued a “buy” rating and set a $15.00 price objective on shares of MARA in a research report on Friday, August 7th. Finally, HC Wainwright started coverage on shares of MARA in a report on Friday, September 11th. They issued a “buy” rating and a $20.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, MARA has an average rating of “Hold” and a consensus target price of $19.20.

Check Out Our Latest Stock Report on MARA

MARA Stock Performance

The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -1.24 and a beta of 5.33. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day simple moving average of $11.25 and a two-hundred day simple moving average of $11.71.

MARA (NASDAQ:MARA – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The business services provider reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($1.77). The company had revenue of $174.88 million during the quarter, compared to analyst estimates of $209.44 million. MARA had a negative net margin of 429.71% and a negative return on equity of 26.05%. The firm’s revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.84 earnings per share. On average, sell-side analysts anticipate that MARA Holdings will post -1.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Zabi Nowaid sold 8,376 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $12.00, for a total transaction of $100,512.00. Following the completion of the transaction, the general counsel directly owned 898,780 shares of the company’s stock, valued at approximately $10,785,360. This represents a 0.92% decrease in their position. The transaction was disclosed in a legal 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, CFO Salman Khan sold 16,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $9.21, for a total value of $147,360.00. Following the sale, the chief financial officer directly owned 377,066 shares in the company, valued at $3,472,777.86. This trade represents a 4.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 79,386 shares of company stock valued at $816,125 in the last ninety days. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On MARA

A number of hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC acquired a new stake in shares of MARA during the second quarter worth $161,000. WINTON GROUP Ltd acquired a new position in MARA in the 2nd quarter valued at $3,545,000. Engineers Gate Manager LP purchased a new position in MARA during the 2nd quarter worth $1,177,000. NewEdge Advisors LLC raised its position in MARA by 14.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,320 shares of the business services provider’s stock worth $171,000 after buying an additional 1,598 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of MARA by 1,154.9% in the 2nd quarter. IFP Advisors Inc now owns 2,422 shares of the business services provider’s stock worth $34,000 after acquiring an additional 2,229 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

About MARA

(Get Free Report)

MARA Holdings, Inc (NASDAQ: MARA), formerly known as Marathon Digital Holdings, is a digital asset technology company focused primarily on mining bitcoin. The company operates specialized data centers containing application-specific integrated circuit (ASIC) computers that process transactions and secure the Bitcoin network in exchange for bitcoin rewards.

In addition to bitcoin mining, MARA develops and operates digital asset computing infrastructure. Its activities include managing energy and data-center resources, deploying mining hardware, and pursuing technologies designed to improve the efficiency and scalability of digital asset mining.

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