Marathon Digital (NASDAQ:MARA) Shares Gap Up to $16.50

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped up prior to trading on Monday . The stock had previously closed at $16.50, but opened at $17.15. Marathon Digital shares last traded at $16.46, with a volume of 23,519,130 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on MARA shares. BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Wednesday, January 17th. 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. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Marathon Digital in a report on Tuesday, March 19th. JPMorgan Chase & Co. raised their price target on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research note on Wednesday, April 10th. Finally, StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.11.

Marathon Digital Stock Up 10.8 %

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 $21.47 and a 200 day moving average price of $17.72. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 23.14 and a beta of 5.36.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). The business had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently bought and sold shares of MARA. Vontobel Holding Ltd. raised its holdings in Marathon Digital by 280.6% during the third quarter. Vontobel Holding Ltd. now owns 41,546 shares of the business services provider’s stock worth $353,000 after purchasing an additional 30,631 shares during the last quarter. AE Wealth Management LLC raised its holdings in Marathon Digital by 36.8% during the third quarter. AE Wealth Management LLC now owns 54,037 shares of the business services provider’s stock worth $459,000 after purchasing an additional 14,522 shares during the last quarter. IFP Advisors Inc raised its holdings in Marathon Digital by 48.2% during the third quarter. IFP Advisors Inc now owns 9,272 shares of the business services provider’s stock worth $79,000 after purchasing an additional 3,017 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Marathon Digital by 105.6% during the third quarter. Exchange Traded Concepts LLC now owns 697,498 shares of the business services provider’s stock worth $5,929,000 after purchasing an additional 358,220 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC raised its holdings in shares of Marathon Digital by 2.7% in the third quarter. Kingswood Wealth Advisors LLC now owns 83,661 shares of the business services provider’s stock worth $711,000 after acquiring an additional 2,181 shares during the last quarter. 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.