Marathon Digital (NASDAQ:MARA) Trading 1.9% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 1.9% during mid-day trading on Thursday . The stock traded as high as $20.23 and last traded at $19.74. Approximately 14,754,106 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 63,604,820 shares. The stock had previously closed at $19.37.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MARA. Chardan Capital lowered their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Finally, StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.33.

Marathon Digital Trading Up 2.6 %

The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.62 billion, a P/E ratio of 9.18 and a beta of 5.46. The business has a 50 day moving average of $19.38 and a 200-day moving average of $20.68.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. The company had revenue of $165.20 million during the quarter, compared to analyst estimates of $193.89 million. Analysts anticipate that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling 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 shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares in the company, valued at approximately $1,230,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Hedge funds have recently modified their holdings of the company. Beaird Harris Wealth Management LLC lifted its stake in 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 valued at $29,000 after buying an additional 695 shares during the period. Versant Capital Management Inc increased its stake in shares of Marathon Digital by 752.3% in the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock worth $39,000 after purchasing an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Marathon Digital during the 4th quarter valued at about $61,000. GAMMA Investing LLC purchased a new position in Marathon Digital during the fourth quarter worth about $75,000. Finally, FinTrust Capital Advisors LLC bought a new stake in Marathon Digital during the first quarter worth about $90,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.