Rosenblatt Securities Issues Positive Forecast for Marathon Digital (NASDAQ:MARA) Stock Price
by Renee Jackson · The Cerbat GemMarathon Digital (NASDAQ:MARA – Get Free Report) had its target price boosted by equities researchers at Rosenblatt Securities from $11.00 to $15.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the business services provider’s stock. Rosenblatt Securities’ price target suggests a potential upside of 25.10% from the stock’s current price.
Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald cut their price target on shares of Marathon Digital from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. HC Wainwright restated a “neutral” rating on shares of Marathon Digital in a report on Friday, February 27th. Morgan Stanley initiated coverage on shares of Marathon Digital in a research note on Monday, February 9th. They issued an “underweight” rating and a $8.00 price objective on the stock. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Finally, Piper Sandler dropped their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.22.
Read Our Latest Analysis on MARA
Marathon Digital Stock Up 11.8%
MARA stock opened at $11.99 on Friday. Marathon Digital has a 52-week low of $6.66 and a 52-week high of $23.45. The company’s 50 day simple moving average is $9.41 and its 200-day simple moving average is $11.24. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market capitalization of $4.56 billion, a P/E ratio of -3.03 and a beta of 5.29.
Marathon Digital (NASDAQ:MARA – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The business services provider reported ($4.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29). Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The firm had revenue of $202.31 million for the quarter, compared to analyst estimates of $250.74 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Marathon Digital will post -0.79 EPS for the current year.
Insider Buying and Selling
In related news, General Counsel Zabi Nowaid sold 42,090 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $12.00, for a total transaction of $505,080.00. Following the completion of the sale, the general counsel directly owned 1,007,047 shares of the company’s stock, valued at approximately $12,084,564. This represents a 4.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $321,258.40. Following the transaction, the chief executive officer owned 4,725,219 shares of the company’s stock, valued at approximately $55,190,557.92. The trade was a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 172,605 shares of company stock valued at $1,745,843. Company insiders own 0.80% of the company’s stock.
Hedge Funds Weigh In On Marathon Digital
Several large investors have recently bought and sold shares of MARA. UBS Group AG raised its stake in Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock valued at $220,922,000 after purchasing an additional 6,172,110 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Marathon Digital during the 3rd quarter valued at $93,066,000. Norges Bank acquired a new position in Marathon Digital during the 4th quarter valued at $39,492,000. Vanguard Group Inc. raised its stake in Marathon Digital by 9.8% during the 3rd 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 during the last quarter. Finally, Capital Research Global Investors acquired a new position in Marathon Digital during the 3rd quarter valued at $68,090,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.
Marathon Digital Company Profile
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.