Marathon Digital (NASDAQ:MARA) Shares Gap Down to $17.19

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down before the market opened on Monday . The stock had previously closed at $17.19, but opened at $13.93. Marathon Digital shares last traded at $15.46, with a volume of 9,598,412 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. B. Riley upped their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. 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 company’s stock. Based on data from MarketBeat, Marathon Digital has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Price Performance

The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 7.51 and a beta of 5.56. The stock’s 50-day moving average price is $20.64 and its 200 day moving average price is $20.44. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The firm’s revenue was up 77.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.13) EPS. Equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 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 directly owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Marathon Digital by 26.7% in the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after buying an additional 4,950,392 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Marathon Digital by 186.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock valued at $40,485,000 after acquiring an additional 1,327,969 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Marathon Digital by 4,394.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after acquiring an additional 1,324,625 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in shares of Marathon Digital during the 4th quarter worth approximately $11,531,000. Finally, Rhumbline Advisers increased its holdings in Marathon Digital by 126.5% in the 2nd quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock valued at $15,615,000 after purchasing an additional 439,309 shares during the last quarter. Hedge funds and other 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.