Marathon Digital (NASDAQ:MARA) Stock Price Down 5.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded down 5.6% during trading on Friday . The company traded as low as $19.34 and last traded at $19.51. 15,468,009 shares changed hands during trading, a decline of 76% from the average session volume of 64,252,688 shares. The stock had previously closed at $20.66.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Chardan Capital dropped their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. B. Riley dropped their price target on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Finally, JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.33.

Marathon Digital Price Performance

The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.43 billion, a P/E ratio of 8.93 and a beta of 5.46. The firm has a 50 day moving average price of $19.13 and a 200-day moving average price of $20.61.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. The business had revenue of $165.20 million for the quarter, compared to the consensus estimate of $193.89 million. On average, analysts expect that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Beaird Harris Wealth Management LLC increased its holdings in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares during the period. Versant Capital Management Inc increased its holdings 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 worth $39,000 after purchasing an additional 1,467 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Marathon Digital during the 4th quarter worth $61,000. GAMMA Investing LLC purchased a new position in Marathon Digital during the 4th quarter worth $75,000. Finally, FinTrust Capital Advisors LLC purchased a new position in Marathon Digital during the 1st quarter worth $90,000. 44.53% of the stock is currently 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.