Cantor Fitzgerald Issues Pessimistic Forecast for Marathon Digital (NASDAQ:MARA) Stock Price
by Kim Johansen · The Markets DailyMarathon Digital (NASDAQ:MARA – Get Free Report) had its target price dropped by stock analysts at Cantor Fitzgerald from $11.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the business services provider’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 4.23% from the stock’s previous close.
MARA has been the topic of several other reports. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research report on Friday, February 27th. Weiss Ratings lowered shares of Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Morgan Stanley started coverage on shares of Marathon Digital in a research report on Monday, February 9th. They set an “underweight” rating and a $8.00 price objective for the company. Finally, Piper Sandler lowered their price objective on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.90.
Get Our Latest Stock Report on Marathon Digital
Marathon Digital Trading Up 1.0%
Shares of MARA traded up $0.09 during trading hours on Thursday, hitting $9.59. The company had a trading volume of 12,210,559 shares, compared to its average volume of 46,700,688. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. Marathon Digital has a 52-week low of $6.66 and a 52-week high of $23.45. The stock’s 50 day moving average price is $8.48 and its 200 day moving average price is $12.04. The firm has a market cap of $3.65 billion, a P/E ratio of -2.39 and a beta of 5.29.
Marathon Digital (NASDAQ:MARA – Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $202.31 million for the quarter, compared to analysts’ expectations of $250.74 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 earnings per share. On average, research analysts predict that Marathon Digital will post -1.04 EPS for the current year.
Insider Activity
In related news, CEO Frederick G. Thiel sold 27,505 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $9.18, for a total value of $252,495.90. Following the transaction, the chief executive officer owned 4,788,954 shares of the company’s stock, valued at $43,962,597.72. This trade represents a 0.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.18, for a total transaction of $146,880.00. Following the completion of the transaction, the chief financial officer directly owned 343,165 shares in the company, valued at $3,150,254.70. This represents a 4.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 114,515 shares of company stock worth $1,029,678 in the last ninety days. 0.80% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. increased its holdings in Marathon Digital by 56.8% during the 3rd quarter. Bessemer Group Inc. now owns 1,819 shares of the business services provider’s stock worth $33,000 after purchasing an additional 659 shares during the period. Smartleaf Asset Management LLC increased its position in Marathon Digital by 15.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,812 shares of the business services provider’s stock valued at $108,000 after purchasing an additional 799 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in Marathon Digital by 3.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,389 shares of the business services provider’s stock valued at $537,000 after purchasing an additional 882 shares during the period. United Capital Management of KS Inc. increased its position in Marathon Digital by 2.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 40,054 shares of the business services provider’s stock valued at $731,000 after purchasing an additional 937 shares during the period. Finally, Integrated Wealth Concepts LLC increased its position in Marathon Digital by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 991 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.
About Marathon Digital
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.