Marathon Digital (NASDAQ:MARA) Trading Up 0.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 0.8% on Wednesday . The company traded as high as $16.05 and last traded at $15.99. Approximately 5,728,445 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 55,865,203 shares. The stock had previously closed at $15.87.

Wall Street Analysts Forecast Growth

MARA has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. B. Riley lifted their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $19.22.

Marathon Digital Price Performance

The stock has a 50-day moving average of $18.13 and a two-hundred day moving average of $19.13. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 7.44 and a beta of 5.51. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business’s revenue was up 77.5% on a year-over-year basis. During the same period last year, the business earned ($0.13) earnings per share. On average, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Institutional Trading of Marathon Digital

Several hedge funds and other institutional investors have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC lifted its stake in Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new stake in shares of Marathon Digital in the first quarter worth approximately $90,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Marathon Digital during the first quarter worth approximately $105,000. GAMMA Investing LLC grew its position in Marathon Digital by 108.0% during the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after purchasing an additional 3,565 shares in the last quarter. Finally, Natixis acquired a new position in Marathon Digital in the 1st quarter valued at approximately $177,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.