Marathon Digital (NASDAQ:MARA) Stock Price Down 1.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 1.4% during mid-day trading on Monday . The stock traded as low as $15.36 and last traded at $15.90. Approximately 10,987,593 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 56,191,910 shares. The stock had previously closed at $16.12.

Analyst Ratings Changes

MARA has been the subject of several research analyst reports. B. Riley lifted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. cut their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, August 23rd. 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.22.

Marathon Digital Trading Down 3.3 %

The company has a market cap of $4.34 billion, a P/E ratio of 7.44 and a beta of 5.51. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $18.13 and a two-hundred day moving average price of $19.13.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS 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 company had revenue of $145.14 million for the quarter, compared to analyst estimates of $157.86 million. During the same period last year, the firm earned ($0.13) earnings per share. The firm’s revenue for the quarter was up 77.5% on a year-over-year basis. On average, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently made changes to their positions in MARA. Beaird Harris Wealth Management LLC grew its stake in shares of Marathon Digital by 121.1% during the first 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. FinTrust Capital Advisors LLC acquired a new position in Marathon Digital in the first quarter valued at about $90,000. DekaBank Deutsche Girozentrale acquired a new position in Marathon Digital in the first quarter valued at about $105,000. GAMMA Investing LLC grew its stake in Marathon Digital by 108.0% in the second 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 during the period. Finally, 1832 Asset Management L.P. grew its stake in Marathon Digital by 1,555.6% in the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock valued at $164,000 after acquiring an additional 7,778 shares during the period. 44.53% of the stock is owned by institutional investors and hedge funds.

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.