Marathon Digital (NASDAQ:MARA) Trading 3.6% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 3.6% on Thursday . The company traded as high as $21.19 and last traded at $21.00. 16,777,422 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 64,384,203 shares. The stock had previously closed at $20.28.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Chardan Capital decreased their price target on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. JPMorgan Chase & Co. cut their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.33.

Marathon Digital Price Performance

The company’s 50-day moving average price is $19.13 and its two-hundred day moving average price is $20.58. The company has a market cap of $5.43 billion, a P/E ratio of 8.93 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.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). The company had revenue of $165.20 million during the quarter, compared to the consensus estimate of $193.89 million. Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Insider Activity

In other news, Director Said Ouissal sold 10,217 shares of Marathon Digital 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 transaction, the director now directly owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC boosted 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 buying an additional 695 shares during the period. Versant Capital Management Inc boosted its stake in 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 valued at $39,000 after purchasing an additional 1,467 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Marathon Digital during the 4th quarter valued at about $61,000. GAMMA Investing LLC acquired a new position in Marathon Digital during the 4th quarter valued at about $75,000. Finally, FinTrust Capital Advisors LLC acquired a new position in Marathon Digital during the 1st quarter valued at about $90,000. 44.53% of the stock is owned by institutional investors and hedge funds.

Marathon Digital Company Profile

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.