Marathon Digital (NASDAQ:MARA) Stock Price Down 1.7% Following Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 1.7% during mid-day trading on Wednesday after Chardan Capital lowered their price target on the stock from $30.00 to $21.00. Chardan Capital currently has a neutral rating on the stock. Marathon Digital traded as low as $18.77 and last traded at $19.87. 17,245,537 shares were traded during trading, a decline of 75% from the average session volume of 70,340,484 shares. The stock had previously closed at $20.21.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a report on Wednesday, April 10th. HC Wainwright restated a “buy” rating and set a $35.00 price target 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 price target for the company in a report on Wednesday, January 17th. Finally, StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Marathon Digital presently has a consensus rating of “Hold” and an average target price of $19.83.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently bought and sold shares of MARA. Versant Capital Management Inc raised its position in Marathon Digital by 752.3% during the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Marathon Digital during the 4th quarter valued at $61,000. GAMMA Investing LLC bought a new stake in Marathon Digital during the 4th quarter valued at $75,000. Xponance Inc. bought a new position in shares of Marathon Digital in the 3rd quarter worth $86,000. Finally, FinTrust Capital Advisors LLC bought a new position in shares of Marathon Digital in the 1st quarter worth $90,000. 44.53% of the stock is owned by institutional investors.

Marathon Digital Trading Down 2.6 %

The stock has a market capitalization of $5.37 billion, a P/E ratio of 23.66 and a beta of 5.38. The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average price of $19.82 and a 200 day moving average price of $18.45.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share for the quarter, missing the consensus estimate 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 net margin of 48.93% and a negative return on equity of 4.61%. On average, research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

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.