Marathon Digital (NASDAQ:MARA) Stock Price Up 6.5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded up 6.5% on Wednesday . The company traded as high as $21.73 and last traded at $21.71. 20,811,746 shares were traded during trading, a decline of 75% from the average session volume of 82,079,750 shares. The stock had previously closed at $20.38.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MARA shares. BTIG Research upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Wednesday, January 17th. HC Wainwright reiterated a “buy” rating and set a $35.00 price objective on shares of Marathon Digital in a research note on Tuesday, March 19th. StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. Finally, Chardan Capital increased their target price on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.47.

Marathon Digital Stock Performance

The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average price of $21.86 and a 200 day moving average price of $16.48. The firm has a market cap of $6.04 billion, a PE ratio of 26.88 and a beta of 5.39.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. The firm had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. L2 Asset Management LLC acquired a new position in shares of Marathon Digital in the 3rd quarter valued at $300,000. SG Americas Securities LLC lifted its position in Marathon Digital by 203.9% in the fourth quarter. SG Americas Securities LLC now owns 266,176 shares of the business services provider’s stock valued at $6,252,000 after buying an additional 178,578 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Marathon Digital by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,593 shares of the business services provider’s stock worth $12,016,000 after buying an additional 69,705 shares during the period. Geode Capital Management LLC increased its position in shares of Marathon Digital by 41.1% during the second quarter. Geode Capital Management LLC now owns 3,705,238 shares of the business services provider’s stock valued at $51,360,000 after acquiring an additional 1,080,124 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Marathon Digital by 14.8% in the 3rd quarter. Van ECK Associates Corp now owns 540,313 shares of the business services provider’s stock valued at $4,593,000 after acquiring an additional 69,753 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.