Marathon Digital (NASDAQ:MARA) Shares Up 6.6%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 6.6% on Thursday . The stock traded as high as $16.89 and last traded at $16.88. Approximately 10,770,101 shares traded hands during trading, a decline of 82% from the average daily volume of 60,121,355 shares. The stock had previously closed at $15.84.

Analyst Upgrades and Downgrades

Several research firms recently commented on MARA. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Finally, B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $19.61.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of 7.93 and a beta of 5.56. The stock has a fifty day simple moving average of $20.39 and a two-hundred day simple moving average of $20.42.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The business had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. The business’s revenue was up 77.5% on a year-over-year basis. Analysts expect that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current fiscal year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the company’s 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 transaction, the director now owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently added to or reduced their stakes in MARA. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after purchasing an additional 4,950,392 shares during the period. Bank of New York Mellon Corp lifted its holdings in Marathon Digital by 186.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after buying an additional 1,327,969 shares during the period. Principal Financial Group Inc. lifted its holdings in Marathon Digital by 4,394.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after buying an additional 1,324,625 shares during the period. Hel Ved Capital Management Ltd bought a new stake in shares of Marathon Digital in the 4th quarter valued at about $11,531,000. Finally, Rhumbline Advisers increased its stake in shares of Marathon Digital by 126.5% in the second quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock valued at $15,615,000 after buying an additional 439,309 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

Marathon Digital Company Profile

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.