Marathon Digital (NASDAQ:MARA) Stock Price Up 1.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares rose 1.8% on Tuesday . The stock traded as high as $16.45 and last traded at $16.16. Approximately 9,418,273 shares traded hands during trading, a decline of 83% from the average daily volume of 56,011,633 shares. The stock had previously closed at $15.87.

Wall Street Analyst Weigh In

MARA has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. B. Riley lifted their price target on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. lowered their price objective on 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 investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.22.

Marathon Digital Stock Performance

The firm has a fifty day moving average price of $18.06 and a 200 day moving average price of $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 $4.37 billion, a PE ratio of 7.34 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last issued its earnings results 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 5.15% and a net margin of 62.57%. The firm had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. During the same period last year, the firm earned ($0.13) earnings per share. Marathon Digital’s revenue for the quarter was up 77.5% on a year-over-year basis. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Beaird Harris Wealth Management LLC increased its position in shares of Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in Marathon Digital in the 1st quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale purchased a new stake in Marathon Digital in the first quarter valued at approximately $105,000. GAMMA Investing LLC lifted its stake in Marathon Digital by 108.0% during the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after purchasing an additional 3,565 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its position in shares of Marathon Digital by 1,555.6% during the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock worth $164,000 after buying an additional 7,778 shares during the period. 44.53% of the stock is currently owned by hedge funds and other 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.