Marathon Digital (NASDAQ:MARA) Trading Up 5.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 5.8% during mid-day trading on Friday . The company traded as high as $17.99 and last traded at $17.83. Approximately 14,481,294 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 58,420,000 shares. The stock had previously closed at $16.86.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MARA. B. Riley lifted their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Chardan Capital cut their target price on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lowered their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Two investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.22.

Marathon Digital Stock Performance

The company has a market capitalization of $5.29 billion, a P/E ratio of 8.69 and a beta of 5.56. The business has a 50 day moving average of $19.56 and a 200 day moving average of $20.35. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a negative return on equity of 5.86% and a net margin of 62.57%. The business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The business’s quarterly revenue was up 77.5% on a year-over-year basis. On average, sell-side analysts predict that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Beaird Harris Wealth Management LLC lifted its stake in 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 acquiring an additional 695 shares during the period. GAMMA Investing LLC bought a new position in shares of Marathon Digital during the fourth quarter valued at approximately $75,000. FinTrust Capital Advisors LLC purchased a new position in Marathon Digital during the first quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale bought a new position in Marathon Digital in the first quarter worth approximately $105,000. Finally, CWM LLC lifted its holdings in Marathon Digital by 62.5% during the fourth quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock worth $107,000 after buying an additional 1,754 shares during the period. Institutional investors own 44.53% of the company’s stock.

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.