MARA Holdings, Inc. (NASDAQ:MARA) recently disclosed that its Chief Financial Officer, Salman Khan, executed a sale of 16,700 shares of common stock on November 18, 2024. The shares were sold at an average price of $19.80 each, amounting to a total transaction value of approximately $330,660. Following this sale, Khan retains ownership of 2,029,647 shares.
Additionally, Khan transferred 176,818 shares to the S & N Khan Family Trust without any monetary consideration. This transfer reflects Khan's role as a trustee of the trust, alongside his spouse, with family members as beneficiaries. The transaction was part of a pre-established Rule 10b5-1 trading plan adopted by Khan in June 2024.
In other recent news, Marathon Digital (NASDAQ:MARA) Holdings announced its intention to offer $700 million in convertible senior notes due 2030. The company is set to allocate up to $200 million of the proceeds to repurchase a portion of its existing 2026 convertible notes, with the remainder for acquiring additional bitcoin and general corporate purposes. In addition, Marathon Digital reported third-quarter earnings with Bitcoin mining revenue reaching $131.6 million, falling short of B.Riley's expectations, while the adjusted EBITDA of $21.8 million surpassed their forecast.
The company is advancing towards its target of achieving a hash rate capacity of 50 EH/s by year-end, having already surpassed 40 EH/s. In line with their expansion efforts, Marathon Digital announced the strategic acquisition of two data centers in Ohio, providing up to 222 megawatts of capacity, and a new 150 MW greenfield project. These acquisitions are part of the company's strategic focus on Bitcoin investment, with nearly 27,000 Bitcoin valued at roughly $2.5 billion in its holdings.
Analyst firms such as B.Riley, Cantor Fitzgerald, and H.C. Wainwright have acknowledged these recent developments. B.Riley maintained a neutral stance with a price target of $19, while Cantor Fitzgerald increased the stock price target to $33, citing the company's strategic growth and innovations in the sector. H.C. Wainwright adjusted its price target for Marathon Digital, praising the company's strategic growth, efficiency improvements, and innovative practices.
InvestingPro Insights
As MARA Holdings, Inc. (NASDAQ:MARA) CFO Salman Khan executes a significant stock sale, investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, MARA's market capitalization stands at $7.29 billion, reflecting its substantial presence in the cryptocurrency mining sector.
The company's stock has demonstrated strong momentum, with a 20.95% price return over the past month and an impressive 119.5% return over the last year. This performance aligns with an InvestingPro Tip highlighting MARA's "significant return over the last week," suggesting ongoing investor interest despite the recent insider sale.
MARA's financial health appears mixed. While the company boasts a robust revenue growth of 131.04% in the last twelve months, an InvestingPro Tip cautions that MARA is "quickly burning through cash." This juxtaposition of rapid growth and cash burn is not uncommon in high-growth tech sectors, particularly in cryptocurrency-related businesses.
For investors seeking a more comprehensive analysis, InvestingPro offers 18 additional tips for MARA, providing a deeper dive into the company's financial position and market outlook. These insights could be particularly valuable in interpreting the implications of insider transactions like Khan's recent sale and trust transfer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.