Marathon Digital (NASDAQ:MARA) Shares Gap Down to $15.94

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $15.94, but opened at $15.44. Marathon Digital shares last traded at $14.92, with a volume of 8,772,782 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. B. Riley raised their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Stock Up 0.1 %

The business’s 50-day moving average price is $18.45 and its 200-day moving average price is $19.55. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $4.65 billion, a PE ratio of 7.35 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly 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). The company had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. Marathon Digital’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same period last year, the company earned ($0.13) earnings per share. As a group, equities research analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Institutional Trading of Marathon Digital

A number of hedge funds have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC lifted its position in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares in the last quarter. Ranch Capital Advisors Inc. raised its position in Marathon Digital by 6.1% during the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock valued at $269,000 after acquiring an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in Marathon Digital by 4.1% during the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after acquiring an additional 881 shares in the last quarter. Intrepid Financial Planning Group LLC raised its position in Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after acquiring an additional 930 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Marathon Digital by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock valued at $1,603,000 after acquiring an additional 1,430 shares in the last quarter. 44.53% of the stock is 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.