Marathon Digital (NASDAQ:MARA) Shares Up 1.6%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 1.6% on Thursday . The company traded as high as $21.04 and last traded at $21.00. Approximately 13,722,830 shares changed hands during trading, a decline of 78% from the average daily volume of 61,795,738 shares. The stock had previously closed at $20.67.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MARA shares. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. JPMorgan Chase & Co. cut their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. B. Riley boosted their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Performance

The firm has a market cap of $6.10 billion, a PE ratio of 10.03 and a beta of 5.56. The company has a 50 day simple moving average of $20.86 and a 200-day simple moving average of $20.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07.

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

Insiders Place Their Bets

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 60,046 shares of the company’s stock, valued at $1,230,943. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.11% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Marathon Digital by 5.7% in the third quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock valued at $157,447,000 after purchasing an additional 1,000,225 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock valued at $42,840,000 after purchasing an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Marathon Digital by 29.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock valued at $30,429,000 after purchasing an additional 296,776 shares during the last quarter. Vima LLC bought a new stake in Marathon Digital in the fourth quarter valued at approximately $949,000. Finally, Virtu Financial LLC bought a new position in shares of Marathon Digital during the fourth quarter valued at approximately $1,629,000. Institutional investors 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.