Marathon Digital (NASDAQ:MARA) Trading Up 4.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was up 4.2% on Thursday . The stock traded as high as $19.87 and last traded at $19.69. Approximately 14,818,350 shares were traded during trading, a decline of 76% from the average daily volume of 62,195,215 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. B. Riley increased their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. StockNews.com lowered shares of Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, Chardan Capital dropped their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Up 9.2 %

The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 9.66 and a beta of 5.56. The firm has a 50 day simple moving average of $20.04 and a two-hundred day simple moving average of $20.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share 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. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 12th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MARA. Beaird Harris Wealth Management LLC grew its holdings in shares of Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 695 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Marathon Digital by 752.3% during the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock worth $39,000 after purchasing an additional 1,467 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Marathon Digital in the fourth quarter valued at $61,000. GAMMA Investing LLC acquired a new stake in Marathon Digital in the fourth quarter valued at $75,000. Finally, FinTrust Capital Advisors LLC bought a new stake in shares of Marathon Digital in the 1st quarter valued at about $90,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

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.