Marathon Digital (NASDAQ:MARA) Stock Price Up 2.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was up 2.2% during trading on Wednesday . The company traded as high as $20.02 and last traded at $19.67. Approximately 12,334,014 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 63,803,117 shares. The stock had previously closed at $19.25.

Analysts Set New Price Targets

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

Marathon Digital Price Performance

The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 9.15 and a beta of 5.46. 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 company has a 50 day moving average of $19.29 and a 200 day moving average of $20.69.

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

Insiders Place Their Bets

In other news, Director Said Ouissal sold 10,217 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the transaction, the director now owns 60,046 shares of the company’s stock, valued at $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Marathon Digital by 5.7% during the third quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock worth $157,447,000 after purchasing an additional 1,000,225 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Marathon Digital by 29.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after buying an additional 410,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marathon Digital by 29.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock worth $30,429,000 after buying an additional 296,776 shares in the last quarter. Vima LLC acquired a new position in shares of Marathon Digital during the fourth quarter worth $949,000. Finally, Virtu Financial LLC acquired a new stake in Marathon Digital in the fourth quarter valued at $1,629,000. 44.53% of the stock is currently owned by institutional investors.

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.