Marathon Digital (NASDAQ:MARA) Shares Down 1.9%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 1.9% on Tuesday . The stock traded as low as $21.69 and last traded at $22.14. 23,370,324 shares changed hands during trading, a decline of 63% from the average session volume of 63,400,234 shares. The stock had previously closed at $22.56.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Chardan Capital decreased their target price on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. B. Riley decreased their target price on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. decreased their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $19.33.

Marathon Digital Stock Performance

The firm has a market capitalization of $5.93 billion, a PE ratio of 9.76 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The firm has a fifty day moving average price of $19.74 and a 200 day moving average price of $20.84.

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

Insider Activity

In related news, Director Said Ouissal sold 10,217 shares of the stock in a transaction dated Wednesday, June 12th. The stock was 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 directly 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 SEC, which can be accessed through this hyperlink. 1.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Marathon Digital by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock worth $540,002,000 after acquiring an additional 441,455 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Marathon Digital by 29.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after purchasing an additional 410,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Marathon Digital by 13.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock worth $18,638,000 after purchasing an additional 95,946 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Marathon Digital by 22.1% during the 4th quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider’s stock worth $15,499,000 after purchasing an additional 119,470 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.