Marathon Digital (NASDAQ:MARA) Trading Up 1.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Free Report)’s stock price shot up 1.3% during mid-day trading on Wednesday . The stock traded as high as $20.39 and last traded at $20.28. 36,053,159 shares were traded during mid-day trading, a decline of 19% from the average session volume of 44,766,916 shares. The stock had previously closed at $20.02.

Analyst Ratings Changes

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

View Our Latest Stock Analysis on MARA

Marathon Digital Stock Performance

The firm has a market capitalization of $5.73 billion, a PE ratio of 9.43 and a beta of 5.46. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The firm has a fifty day moving average price of $18.94 and a 200 day moving average price of $20.55.

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

Insider Activity

In related news, Director Said Ouissal sold 10,217 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its stake in Marathon Digital by 143.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 157,449 shares of the business services provider’s stock worth $3,555,000 after acquiring an additional 92,649 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Marathon Digital in the 1st quarter worth about $105,000. Cetera Advisors LLC lifted its stake in Marathon Digital by 606.5% in the 1st quarter. Cetera Advisors LLC now owns 105,648 shares of the business services provider’s stock worth $2,386,000 after acquiring an additional 90,695 shares in the last quarter. Cetera Investment Advisers acquired a new position in Marathon Digital in the 1st quarter worth about $3,696,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Marathon Digital in the 1st quarter worth about $312,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

About Marathon Digital

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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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