Marathon Digital (NASDAQ:MARA) Trading Down 1.5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 1.5% during trading on Tuesday . The company traded as low as $19.82 and last traded at $20.63. Approximately 16,994,119 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 82,734,539 shares. The stock had previously closed at $20.95.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MARA. HC Wainwright reissued a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Wednesday, January 17th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research note on Friday, March 8th. Finally, Chardan Capital increased their price target on Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.47.

Marathon Digital Price Performance

The business has a 50-day simple moving average of $21.73 and a 200 day simple moving average of $16.44. The firm has a market cap of $5.91 billion, a P/E ratio of 26.27 and a beta of 5.39. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The firm had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. On average, analysts anticipate that Marathon Digital Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Trading of Marathon Digital

Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. boosted its stake in Marathon Digital by 68.3% during the 4th quarter. Advisor Group Holdings Inc. now owns 7,353 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 2,984 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Marathon Digital by 96.8% during the 2nd quarter. Macquarie Group Ltd. now owns 5,369 shares of the business services provider’s stock valued at $29,000 after buying an additional 2,641 shares during the period. Smith Anglin Financial LLC bought a new position in shares of Marathon Digital during the 4th quarter valued at $34,000. Cetera Advisors LLC bought a new position in shares of Marathon Digital during the 4th quarter valued at $36,000. Finally, Quantbot Technologies LP bought a new position in shares of Marathon Digital during the 1st quarter valued at $37,000. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.