Marathon Digital (NASDAQ:MARA) Stock Price Down 1.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Free Report) shares traded down 1.6% during mid-day trading on Thursday . The stock traded as low as $19.77 and last traded at $19.99. 16,011,202 shares changed hands during trading, a decline of 75% from the average session volume of 65,266,879 shares. The stock had previously closed at $20.31.

Wall Street Analysts Forecast Growth

MARA has been the topic of several analyst reports. Chardan Capital cut their target price on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. cut their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Finally, B. Riley cut their price objective on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.33.

Check Out Our Latest Research Report on MARA

Marathon Digital Stock Down 2.2 %

The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $18.81 and a 200-day moving average price of $20.28. The firm has a market cap of $5.62 billion, a P/E ratio of 9.30 and a beta of 5.46.

Marathon Digital (NASDAQ:MARAGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. The firm had revenue of $165.20 million for the quarter, compared to the consensus estimate of $193.89 million. On average, equities analysts forecast that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Marathon Digital

A number of hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC lifted its stake in shares of Marathon Digital by 7.7% during the 1st quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock worth $207,000 after purchasing an additional 658 shares during the last quarter. Beaird Harris Wealth Management LLC lifted its stake in shares of Marathon Digital by 121.1% during the 1st 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 last quarter. Ameritas Investment Partners Inc. raised its stake in Marathon Digital by 4.1% in the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after buying an additional 881 shares during the last quarter. Intrepid Financial Planning Group LLC raised its stake in Marathon Digital by 4.1% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after buying an additional 930 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Marathon Digital by 2.1% in the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock valued at $1,603,000 after buying an additional 1,430 shares during the last quarter. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

Marathon Digital Company Profile

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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.

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