Marathon Digital (NASDAQ:MARA) Trading Down 4.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 4.6% during mid-day trading on Thursday . The company traded as low as $17.51 and last traded at $18.22. Approximately 17,116,254 shares were traded during trading, a decline of 76% from the average daily volume of 72,671,820 shares. The stock had previously closed at $19.09.

Analyst Upgrades and Downgrades

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

Marathon Digital Stock Up 2.2 %

The business has a 50 day simple moving average of $20.96 and a 200 day simple moving average of $17.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51. The stock has a market cap of $5.20 billion, a PE ratio of 23.13 and a beta of 5.36.

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

Institutional Trading of Marathon Digital

Several large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC boosted its stake in shares of Marathon Digital by 7.7% during the 1st quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock worth $207,000 after acquiring an additional 658 shares in the last quarter. Intrepid Financial Planning Group LLC boosted its stake in Marathon Digital by 4.1% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after purchasing an additional 930 shares during the period. Arizona State Retirement System boosted its stake in Marathon Digital by 3.0% during the 3rd quarter. Arizona State Retirement System now owns 48,395 shares of the business services provider’s stock valued at $411,000 after purchasing an additional 1,419 shares during the period. Versant Capital Management Inc boosted its stake in Marathon Digital by 752.3% during the 4th 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 during the period. Finally, CWM LLC boosted its stake in Marathon Digital by 62.5% during the 4th quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 1,754 shares during the period. 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.