Marathon Digital (NASDAQ:MARA) Trading 0.8% Higher

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 0.8% during trading on Wednesday . The stock traded as high as $16.05 and last traded at $15.99. Approximately 5,728,445 shares traded hands during trading, a decline of 90% from the average daily volume of 55,865,203 shares. The stock had previously closed at $15.87.

Analyst Upgrades and Downgrades

MARA has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. 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 note on Friday, July 12th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Price Performance

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 company has a market capitalization of $4.37 billion, a PE ratio of 7.19 and a beta of 5.51. The stock’s 50-day moving average is $17.98 and its two-hundred day moving average is $19.07.

Marathon Digital (NASDAQ:MARA) last announced 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 net margin of 62.57% and a negative return on equity of 5.15%. The business had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same period last year, the company earned ($0.13) EPS. The business’s revenue was up 77.5% compared to the same quarter last year. On average, equities analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of MARA. Rhumbline Advisers lifted its stake in Marathon Digital by 126.5% in the second quarter. Rhumbline Advisers now owns 786,643 shares of the business services provider’s stock worth $15,615,000 after acquiring an additional 439,309 shares during the period. Vima LLC purchased a new stake in shares of Marathon Digital in the 4th quarter worth approximately $949,000. Virtu Financial LLC bought a new position in shares of Marathon Digital during the fourth quarter valued at approximately $1,629,000. Victory Capital Management Inc. increased its holdings in Marathon Digital by 57.2% during the fourth quarter. Victory Capital Management Inc. now owns 29,204 shares of the business services provider’s stock valued at $686,000 after buying an additional 10,627 shares during the period. Finally, American International Group Inc. raised its stake in Marathon Digital by 4.3% in the first quarter. American International Group Inc. now owns 110,489 shares of the business services provider’s stock worth $2,495,000 after buying an additional 4,593 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.