Marathon Digital (NASDAQ:MARA) Shares Down 5.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were down 5.4% during mid-day trading on Wednesday . The stock traded as low as $20.83 and last traded at $20.92. Approximately 15,930,986 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 63,246,102 shares. The stock had previously closed at $22.12.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MARA shares. B. Riley decreased their price objective on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. reduced their price target on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.33.

Marathon Digital Trading Down 5.4 %

The company has a market cap of $5.92 billion, a P/E ratio of 9.73 and a beta of 5.56. 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 business has a 50 day moving average price of $19.70 and a 200-day moving average price of $20.84.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $193.89 million. Analysts forecast that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Marathon Digital

In related news, Director Said Ouissal sold 10,217 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now owns 60,046 shares in the company, valued at approximately $1,230,943. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC raised its stake in Marathon Digital by 7.7% in the 1st quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock valued at $207,000 after acquiring an additional 658 shares during the period. Beaird Harris Wealth Management LLC increased its position in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after buying an additional 695 shares during the period. Ameritas Investment Partners Inc. increased its position 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 buying an additional 881 shares during the period. Intrepid Financial Planning Group LLC increased 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 worth $555,000 after buying an additional 930 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in Marathon Digital by 2.1% during 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. 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.