Marathon Digital (NASDAQ:MARA) Shares Down 0.3%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 0.3% on Tuesday . The company traded as low as $20.27 and last traded at $20.38. 8,014,376 shares changed hands during trading, a decline of 87% from the average session volume of 61,349,367 shares. The stock had previously closed at $20.45.

Analyst Upgrades and Downgrades

MARA has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. JPMorgan Chase & Co. lowered their target price 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. Chardan Capital reduced their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. B. Riley increased their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Down 2.3 %

The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 9.48 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 business has a fifty day moving average price of $20.82 and a two-hundred day moving average price of $20.42.

Marathon Digital (NASDAQ:MARA) last issued its earnings results 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 net margin of 106.46% and a negative return on equity of 3.80%. The firm had revenue of $165.20 million during the quarter, compared to analysts’ expectations of $193.89 million. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Insider Transactions at Marathon Digital

In related news, Director Said Ouissal sold 10,217 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the transaction, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MARA. Vanguard Group Inc. increased its holdings in shares of Marathon Digital by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock valued at $540,002,000 after purchasing an additional 441,455 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Marathon Digital by 186.6% in the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock valued at $40,485,000 after buying an additional 1,327,969 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after acquiring an additional 410,146 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Marathon Digital by 4,394.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after acquiring an additional 1,324,625 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Marathon Digital by 29.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock valued at $30,429,000 after acquiring an additional 296,776 shares during the period. 44.53% of the stock is owned by institutional investors and hedge funds.

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.