Marathon Digital (NASDAQ:MARA) Trading 4.2% Higher

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 4.2% during mid-day trading on Thursday . The stock traded as high as $19.87 and last traded at $19.69. 14,818,350 shares were traded during trading, a decline of 76% from the average session volume of 62,195,215 shares. The stock had previously closed at $18.89.

Analysts Set New Price Targets

Several brokerages have weighed in on MARA. Needham & Company LLC reaffirmed a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Chardan Capital cut their price objective on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Two 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.33.

Marathon Digital Stock Performance

The firm has a market capitalization of $5.38 billion, a P/E ratio of 8.88 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The stock’s 50 day moving average is $19.94 and its two-hundred day moving average is $20.72.

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

Insider Buying and Selling

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the company’s 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 owns 60,046 shares of the company’s stock, valued at $1,230,943. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently modified their holdings of MARA. Vanguard Group Inc. raised its holdings in Marathon Digital by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock worth $157,447,000 after buying an additional 1,000,225 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Marathon Digital by 29.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock valued at $42,840,000 after acquiring an additional 410,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Marathon Digital by 29.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock worth $30,429,000 after purchasing an additional 296,776 shares during the period. Vima LLC acquired a new stake in shares of Marathon Digital in the 4th quarter valued at about $949,000. Finally, Virtu Financial LLC bought a new stake in shares of Marathon Digital in the fourth quarter valued at about $1,629,000. Institutional investors own 44.53% of the company’s stock.

About Marathon Digital

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.