Marathon Digital (NASDAQ:MARA) Trading Down 1.5%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 1.5% on Wednesday . The stock traded as low as $18.67 and last traded at $19.14. 22,311,228 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 73,061,250 shares. The stock had previously closed at $19.44.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MARA. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Wednesday, January 17th. Chardan Capital upped their price target on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. boosted their target price on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.11.

Marathon Digital Stock Performance

The stock has a market capitalization of $5.19 billion, a P/E ratio of 23.08 and a beta of 5.36. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20. The business has a fifty day moving average price of $21.11 and a 200-day moving average price of $17.74.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The business had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. On average, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Versant Capital Management Inc lifted 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 purchasing an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Marathon Digital during the fourth quarter valued at $61,000. GAMMA Investing LLC purchased a new stake in Marathon Digital during the fourth quarter valued at $75,000. IFP Advisors Inc increased its position in Marathon Digital by 48.2% during the third quarter. IFP Advisors Inc now owns 9,272 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 3,017 shares during the last quarter. Finally, Xponance Inc. purchased a new stake in Marathon Digital during the third quarter valued at $86,000. 44.53% of the stock is owned by institutional investors.

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.