Marathon Digital (NASDAQ:MARA) Shares Down 6.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded down 6.4% during trading on Friday . The stock traded as low as $19.42 and last traded at $19.64. 18,578,367 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 63,001,066 shares. The stock had previously closed at $20.98.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. B. Riley dropped their price objective on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. dropped their price target on shares of 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, Chardan Capital dropped their price target on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.33.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The company’s 50-day moving average price is $19.78 and its two-hundred day moving average price is $20.84. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 9.13 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $165.20 million for the quarter, compared to analyst estimates of $193.89 million. On average, equities research analysts anticipate that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Transactions at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction on 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 $1,230,943. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Beaird Harris Wealth Management LLC grew its holdings in shares of Marathon Digital by 121.1% during 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 last quarter. Versant Capital Management Inc grew its holdings in shares of Marathon Digital by 752.3% during the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after buying an additional 1,467 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Marathon Digital during the fourth quarter valued at about $61,000. GAMMA Investing LLC bought a new position in shares of Marathon Digital during the fourth quarter valued at about $75,000. Finally, FinTrust Capital Advisors LLC bought a new position in shares of Marathon Digital during the first quarter valued at about $90,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.