Marathon Digital (NASDAQ:MARA) Trading Down 2.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 2.2% on Thursday . The stock traded as low as $14.56 and last traded at $14.56. 7,191,250 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 57,167,715 shares. The stock had previously closed at $14.88.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MARA. JPMorgan Chase & Co. lowered their price target on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Finally, B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.22.

Marathon Digital Stock Down 3.4 %

The stock’s 50-day moving average price is $18.83 and its 200-day moving average price is $19.76. The company has a market cap of $3.78 billion, a P/E ratio of 6.22 and a beta of 5.56. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The company had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period in the previous year, the company posted ($0.13) earnings per share. The company’s quarterly revenue was up 77.5% compared to the same quarter last year. As a group, research analysts forecast that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity at Marathon Digital

In related news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total transaction of $209,448.50. Following the transaction, the director now directly owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of MARA. Global Retirement Partners LLC boosted its holdings in shares of Marathon Digital by 7.7% in the first quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock worth $207,000 after buying an additional 658 shares during the last quarter. Beaird Harris Wealth Management LLC increased its holdings in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares during the last quarter. Ranch Capital Advisors Inc. raised its holdings in shares of Marathon Digital by 6.1% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock worth $269,000 after acquiring an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Marathon Digital by 4.1% during the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after purchasing an additional 881 shares during the last quarter. Finally, Intrepid Financial Planning Group LLC lifted its holdings in shares of Marathon Digital by 4.1% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after acquiring an additional 930 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

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.