Marathon Digital (NASDAQ:MARA) Shares Gap Up to $17.52

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price gapped up prior to trading on Monday . The stock had previously closed at $17.52, but opened at $18.44. Marathon Digital shares last traded at $19.74, with a volume of 18,407,222 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MARA. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a research report on Tuesday, March 19th. Chardan Capital boosted their price objective on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, March 4th. BTIG Research raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Wednesday, January 17th. StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.11.

Marathon Digital Price Performance

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 firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 23.20 and a beta of 5.38. The business’s fifty day simple moving average is $20.19 and its 200 day simple moving average is $18.27.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share 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 analyst estimates of $138.15 million. On average, research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc lifted its stake in shares of 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 buying an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Marathon Digital during the 4th quarter valued at $61,000. GAMMA Investing LLC bought a new stake in Marathon Digital in the 4th quarter worth $75,000. Xponance Inc. purchased a new position in shares of Marathon Digital in the third quarter valued at about $86,000. Finally, FinTrust Capital Advisors LLC bought a new position in shares of Marathon Digital during the first quarter valued at about $90,000. 44.53% of the stock is 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.