Marathon Digital (NASDAQ:MARA) PT Lowered to $18.00 at B. Riley

Marathon Digital (NASDAQ:MARA) had its price target reduced by stock analysts at B. Riley from $19.00 to $18.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. B. Riley’s target price would suggest a potential upside of 1.93% from the stock’s previous close.

Several other equities research analysts have also weighed in on MARA. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday. Chardan Capital cut their price objective on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $35.00 price objective on shares of Marathon Digital in a report on Tuesday, March 19th. JPMorgan Chase & Co. raised their target price on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a report on Wednesday, April 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a report on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $20.83.

Marathon Digital Stock Performance

NASDAQ:MARA traded down $1.99 during trading hours on Friday, reaching $17.66. 43,608,548 shares of the stock were exchanged, compared to its average volume of 70,028,922. 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 firm has a 50 day simple moving average of $19.48 and a 200-day simple moving average of $18.47. Marathon Digital has a 52 week low of $7.16 and a 52 week high of $34.09. The stock has a market capitalization of $4.82 billion, a P/E ratio of 21.12 and a beta of 5.38.

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

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently modified their holdings of MARA. Vanguard Group Inc. raised its holdings in shares of Marathon Digital by 26.7% in the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after purchasing an additional 4,950,392 shares during the period. Hel Ved Capital Management Ltd bought a new position in Marathon Digital in the 4th quarter valued at about $11,531,000. Charles Schwab Investment Management Inc. raised its holdings in Marathon Digital by 29.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock valued at $42,840,000 after acquiring an additional 410,146 shares during the period. Barclays PLC raised its holdings in Marathon Digital by 159.2% in the 3rd quarter. Barclays PLC now owns 120,173 shares of the business services provider’s stock valued at $1,021,000 after acquiring an additional 323,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Marathon Digital by 29.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock valued at $30,429,000 after acquiring an additional 296,776 shares during the period. 44.53% of the stock is owned by 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.