Marathon Digital (NASDAQ:MARA) Shares Up 6.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 6.4% on Thursday . The company traded as high as $15.58 and last traded at $15.56. Approximately 12,851,564 shares changed hands during trading, a decline of 83% from the average daily volume of 73,952,430 shares. The stock had previously closed at $14.63.

Wall Street Analysts Forecast Growth

MARA has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, January 17th. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a report on Monday, April 15th. JPMorgan Chase & Co. increased their price objective on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a report on Wednesday, April 10th. Finally, Chardan Capital increased their price objective on Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Marathon Digital currently has a consensus rating of “Hold” and an average target price of $21.11.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50. The firm has a fifty day moving average price of $21.94 and a 200 day moving average price of $17.37. The stock has a market cap of $4.42 billion, a PE ratio of 19.64 and a beta of 5.36.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (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 during the quarter, compared to analyst estimates of $138.15 million. Research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Marathon Digital by 26.7% in the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after acquiring an additional 4,950,392 shares during the period. BlackRock Inc. increased its position in shares of Marathon Digital by 6.0% in the 3rd quarter. BlackRock Inc. now owns 7,785,906 shares of the business services provider’s stock valued at $83,387,000 after acquiring an additional 439,850 shares during the period. Morgan Stanley grew its position in Marathon Digital by 208.7% during the 3rd quarter. Morgan Stanley now owns 6,999,580 shares of the business services provider’s stock worth $59,496,000 after purchasing an additional 4,731,807 shares during the period. State Street Corp grew its position in Marathon Digital by 11.2% during the 3rd quarter. State Street Corp now owns 2,682,614 shares of the business services provider’s stock worth $28,731,000 after purchasing an additional 269,351 shares during the period. Finally, Geode Capital Management LLC grew its position in Marathon Digital by 9.3% during the 1st quarter. Geode Capital Management LLC now owns 2,625,114 shares of the business services provider’s stock worth $22,896,000 after purchasing an additional 224,445 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.