Marathon Digital (NASDAQ:MARA) Shares Down 0.8%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 0.8% during trading on Friday . The stock traded as low as $14.97 and last traded at $15.32. 8,540,594 shares were traded during mid-day trading, a decline of 85% from the average session volume of 55,695,621 shares. The stock had previously closed at $15.45.

Analyst Ratings Changes

MARA has been the subject of several recent research reports. 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. JPMorgan Chase & Co. reduced their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. Finally, B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Marathon Digital has a consensus rating of “Hold” and a consensus target price of $19.22.

Marathon Digital Price Performance

The stock’s fifty day moving average price is $17.98 and its 200-day moving average price is $19.07. The firm has a market cap of $4.32 billion, a PE ratio of 7.13 and a beta of 5.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75.

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 analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period last year, the business earned ($0.13) earnings per share. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. As a group, equities analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC increased its holdings 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 valued at $29,000 after purchasing an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital during the 1st quarter worth about $90,000. DekaBank Deutsche Girozentrale purchased a new position in Marathon Digital during the 1st quarter valued at about $105,000. GAMMA Investing LLC grew its position in Marathon Digital by 108.0% in the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after acquiring an additional 3,565 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its stake in Marathon Digital by 1,555.6% during the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock worth $164,000 after purchasing an additional 7,778 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.