Marathon Digital (NASDAQ:MARA) Shares Gap Up to $15.34

Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped up before the market opened on Thursday . The stock had previously closed at $15.34, but opened at $16.38. Marathon Digital shares last traded at $16.17, with a volume of 6,673,061 shares changing hands.

Wall Street Analyst Weigh In

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

Marathon Digital Stock Up 3.6 %

The stock’s fifty day moving average is $18.06 and its two-hundred day moving average is $19.10. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.49 billion, a P/E ratio of 7.34 and a beta of 5.51.

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

Institutional Investors Weigh In On Marathon Digital

A number of large investors have recently added to or reduced their stakes in the company. Beaird Harris Wealth Management LLC lifted 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 worth $29,000 after buying an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC purchased a new position in shares of Marathon Digital in the first quarter worth $90,000. DekaBank Deutsche Girozentrale bought a new stake in Marathon Digital during the 1st quarter valued at $105,000. GAMMA Investing LLC boosted its position in Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after buying an additional 3,565 shares during the period. Finally, Natixis purchased a new stake in shares of Marathon Digital during the first quarter worth about $177,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.