Marathon Digital (NASDAQ:MARA) Shares Down 1.9%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 1.9% during mid-day trading on Tuesday . The stock traded as low as $21.69 and last traded at $22.14. Approximately 23,370,324 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 63,400,234 shares. The stock had previously closed at $22.56.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MARA shares. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Chardan Capital decreased their price target on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. decreased their price target on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Finally, B. Riley decreased their price target on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Marathon Digital presently has an average rating of “Hold” and an average target price of $19.33.

Marathon Digital Stock Performance

The firm has a market capitalization of $6.17 billion, a P/E ratio of 10.31 and a beta of 5.56. The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $19.64 and its two-hundred day simple moving average is $20.81.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. The firm had revenue of $165.20 million for the quarter, compared to the consensus estimate of $193.89 million. Sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Transactions at Marathon Digital

In other news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

Large investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC increased its holdings in Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares during the last quarter. Versant Capital Management Inc increased its holdings in Marathon Digital by 752.3% during the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after buying an additional 1,467 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Marathon Digital during the fourth quarter valued at approximately $61,000. GAMMA Investing LLC purchased a new stake in Marathon Digital during the fourth quarter valued at approximately $75,000. Finally, FinTrust Capital Advisors LLC purchased a new stake in Marathon Digital during the first quarter valued at approximately $90,000. 44.53% of the stock is currently owned by institutional investors.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.