Marathon Digital (NASDAQ:MARA) Shares Gap Down to $22.12

Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down before the market opened on Wednesday . The stock had previously closed at $22.12, but opened at $21.50. Marathon Digital shares last traded at $21.44, with a volume of 6,855,176 shares.

Analyst Ratings Changes

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

Marathon Digital Stock Performance

The company has a market capitalization of $5.93 billion, a P/E ratio of 9.76 and a beta of 5.56. The firm has a 50 day moving average price of $19.78 and a two-hundred day moving average price of $20.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07.

Marathon Digital (NASDAQ:MARA) last released its quarterly 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 business had revenue of $165.20 million for 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%. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Said Ouissal sold 10,217 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total transaction of $209,448.50. Following the sale, the director now directly owns 60,046 shares in the company, valued at approximately $1,230,943. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marathon Digital

Large investors have recently bought and sold shares of the business. Beaird Harris Wealth Management LLC boosted its position in 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 last quarter. Versant Capital Management Inc boosted its position in Marathon Digital by 752.3% in the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after buying an additional 1,467 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Marathon Digital in the 4th quarter valued at $61,000. GAMMA Investing LLC bought a new position in Marathon Digital in the 4th quarter valued at $75,000. Finally, FinTrust Capital Advisors LLC bought a new position in Marathon Digital in the 1st quarter valued at $90,000. 44.53% of the stock is currently owned by institutional investors.

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.