Marathon Digital (NASDAQ:MARA) Shares Gap Down to $17.03

Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down prior to trading on Monday . The stock had previously closed at $17.03, but opened at $16.03. Marathon Digital shares last traded at $15.92, with a volume of 4,750,870 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. B. Riley upped their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. JPMorgan Chase & Co. dropped their price objective on 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 downgraded Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.55.

Marathon Digital Price Performance

The company has a 50-day moving average of $20.29 and a 200-day moving average of $20.46. 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 $4.47 billion, a price-to-earnings ratio of 7.30 and a beta of 5.56.

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 company had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. During the same period in the previous year, the firm posted ($0.13) EPS. The company’s revenue for the quarter was up 77.5% on a year-over-year basis. As a group, equities research analysts predict that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were 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 owns 60,046 shares in the company, valued at $1,230,943. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Marathon Digital by 22.2% in the fourth quarter. Arizona State Retirement System now owns 59,138 shares of the business services provider’s stock valued at $1,389,000 after purchasing an additional 10,743 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Marathon Digital during the 4th quarter worth approximately $930,000. Strs Ohio acquired a new stake in shares of Marathon Digital in the 4th quarter worth approximately $260,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Marathon Digital by 70.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,213 shares of the business services provider’s stock worth $1,109,000 after acquiring an additional 19,493 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in Marathon Digital in the 4th quarter valued at approximately $571,000. 44.53% of the stock is currently owned by hedge funds and other 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.