Marathon Digital (NASDAQ:MARA) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Marathon Digital (NASDAQ:MARAGet Rating) from a hold rating to a sell rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “Marathon Digital Holdings is a digital asset technology company which mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings, formerly known as Marathon Patent Group Inc., is based in LAS VEGAS. “

A number of other research analysts have also issued reports on MARA. B. Riley reduced their target price on shares of Marathon Digital from $57.00 to $36.00 in a research note on Thursday, May 5th. Jefferies Financial Group began coverage on shares of Marathon Digital in a research note on Friday, January 28th. They set a buy rating and a $51.00 target price for the company. BTIG Research began coverage on shares of Marathon Digital in a research report on Tuesday, January 18th. They set a buy rating and a $50.00 price target on the stock. Finally, Compass Point boosted their price target on shares of Marathon Digital from $48.00 to $66.00 and gave the stock a buy rating in a research report on Tuesday, March 8th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Marathon Digital has a consensus rating of Buy and a consensus price target of $55.33.

Marathon Digital stock opened at $11.39 on Tuesday. The company has a quick ratio of 49.89, a current ratio of 40.00 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average price of $22.13 and a two-hundred day moving average price of $32.39. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -8.67 and a beta of 4.65. Marathon Digital has a 52-week low of $8.80 and a 52-week high of $83.45.

Marathon Digital (NASDAQ:MARAGet Rating) last posted its earnings results on Tuesday, March 1st. The business services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $60.28 million during the quarter, compared to analyst estimates of $60.23 million. Marathon Digital had a negative net margin of 68.64% and a positive return on equity of 19.68%. Research analysts expect that Marathon Digital will post 1.49 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in MARA. Renaissance Technologies LLC raised its position in shares of Marathon Digital by 871.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,417,438 shares of the business services provider’s stock worth $46,577,000 after buying an additional 1,271,500 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Marathon Digital by 247.2% in the 4th quarter. JPMorgan Chase & Co. now owns 574,948 shares of the business services provider’s stock worth $18,894,000 after purchasing an additional 965,623 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Marathon Digital by 138.1% in the 1st quarter. Allianz Asset Management GmbH now owns 1,161,688 shares of the business services provider’s stock worth $32,470,000 after purchasing an additional 673,764 shares in the last quarter. Norges Bank bought a new stake in shares of Marathon Digital in the 4th quarter worth approximately $20,731,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Marathon Digital by 505.5% in the 3rd quarter. Goldman Sachs Group Inc. now owns 610,788 shares of the business services provider’s stock worth $19,289,000 after purchasing an additional 509,917 shares in the last quarter. Institutional investors own 39.93% of the company’s stock.

About Marathon Digital (Get Rating)

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund.

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