Marathon Digital’s (MARA) Hold Rating Reaffirmed at Needham & Company LLC

Marathon Digital (NASDAQ:MARA)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports.

Several other equities research analysts have also recently weighed in on the stock. BTIG Research raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Wednesday, January 17th. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday. Chardan Capital reduced their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a research note on Tuesday, March 19th. Finally, JPMorgan Chase & Co. increased their price target on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research report on Wednesday, April 10th. Two investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.83.

Marathon Digital Trading Down 2.2 %

MARA opened at $19.65 on Friday. Marathon Digital has a 52 week low of $7.16 and a 52 week high of $34.09. The company has a market capitalization of $5.36 billion, a P/E ratio of 23.39 and a beta of 5.38. The stock’s fifty day moving average is $19.48 and its two-hundred day moving average is $18.47. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA) last announced its quarterly 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 firm had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. Analysts forecast that Marathon Digital will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors have recently added to or reduced their stakes in MARA. Vanguard Group Inc. grew its holdings in shares of Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after buying an additional 4,950,392 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new stake in Marathon Digital in the 4th quarter worth approximately $11,531,000. Charles Schwab Investment Management Inc. grew its stake in shares of Marathon Digital by 29.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after purchasing an additional 410,146 shares during the period. Barclays PLC grew its stake in shares of Marathon Digital by 159.2% during the 3rd quarter. Barclays PLC now owns 120,173 shares of the business services provider’s stock worth $1,021,000 after purchasing an additional 323,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marathon Digital by 29.7% during 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 purchasing an additional 296,776 shares in the last quarter. Institutional investors and hedge funds 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.