Marathon Digital (NASDAQ:MARA) Stock Price Down 2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 2% during trading on Friday . The company traded as low as $17.30 and last traded at $17.77. 15,196,119 shares traded hands during trading, a decline of 75% from the average session volume of 60,814,875 shares. The stock had previously closed at $18.14.

Analyst Upgrades and Downgrades

MARA has been the topic of several research analyst reports. 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 reissued a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Chardan Capital lowered their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Finally, B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.61.

Marathon Digital Trading Down 5.4 %

The company has a market cap of $4.85 billion, a PE ratio of 8.27 and a beta of 5.56. 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 fifty day simple moving average of $20.72 and a two-hundred day simple moving average of $20.41.

Marathon Digital (NASDAQ:MARA) last posted its 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 for the quarter, compared to analysts’ expectations of $193.89 million. Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. Analysts anticipate that Marathon Digital Holdings, Inc. will post -1.11 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 on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the sale, the director now 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 Securities & Exchange Commission, which is available at this link. 1.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 410,146 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Marathon Digital by 29.7% during the 4th 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 purchasing an additional 296,776 shares during the last quarter. Vima LLC acquired a new position in Marathon Digital in the 4th quarter valued at $949,000. Virtu Financial LLC acquired a new stake in Marathon Digital in the 4th quarter worth about $1,629,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Marathon Digital by 57.2% in the fourth quarter. Victory Capital Management Inc. now owns 29,204 shares of the business services provider’s stock valued at $686,000 after buying an additional 10,627 shares during the period. Institutional investors 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.