Marathon Digital (NASDAQ:MARA) Shares Down 1.4%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 1.4% during mid-day trading on Monday . The company traded as low as $15.36 and last traded at $15.90. Approximately 10,987,593 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 56,191,910 shares. The stock had previously closed at $16.12.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MARA shares. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research report on Thursday, June 20th. B. Riley raised their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, four have assigned 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 Trading Down 1.2 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75. The stock has a market cap of $4.69 billion, a PE ratio of 7.40 and a beta of 5.51. The stock has a 50-day moving average price of $18.26 and a two-hundred day moving average price of $19.27.

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

Institutional Investors Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC grew its stake in Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares in the last quarter. Ranch Capital Advisors Inc. grew its stake in Marathon Digital by 6.1% in the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock worth $269,000 after purchasing an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Marathon Digital by 4.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock worth $505,000 after purchasing an additional 881 shares during the period. Intrepid Financial Planning Group LLC raised its position in Marathon Digital by 4.1% during 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 purchasing an additional 930 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Marathon Digital by 2.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock worth $1,603,000 after buying an additional 1,430 shares during the period. 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.