Marathon Digital (NASDAQ:MARA) Trading Up 2.9%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded up 2.9% during mid-day trading on Thursday . The stock traded as high as $16.51 and last traded at $15.78. 14,887,538 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 55,802,398 shares. The stock had previously closed at $15.34.

Wall Street Analysts Forecast Growth

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

Marathon Digital Trading Up 1.1 %

The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The company’s 50 day simple moving average is $18.06 and its two-hundred day simple moving average is $19.10. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 7.34 and a beta of 5.51.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate 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 quarter last year, the firm posted ($0.13) earnings per share. Marathon Digital’s quarterly revenue was up 77.5% on a year-over-year basis. As a group, research analysts anticipate 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 added to or reduced their stakes in the company. 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 worth $29,000 after acquiring an additional 695 shares during the period. Ranch Capital Advisors Inc. increased its position in shares of Marathon Digital by 6.1% during the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock worth $269,000 after acquiring an additional 780 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Marathon Digital by 4.1% during the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock worth $505,000 after acquiring an additional 881 shares during the period. Intrepid Financial Planning Group LLC increased its position in shares of Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock worth $555,000 after acquiring an additional 930 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in shares of Marathon Digital by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock worth $1,603,000 after acquiring an additional 1,430 shares during the period. 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.