Marathon Digital (NASDAQ:MARA) Trading Down 0.8%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 0.8% during trading on Friday . The stock traded as low as $14.97 and last traded at $15.32. 8,540,594 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 55,695,621 shares. The stock had previously closed at $15.45.

Analyst Ratings Changes

Several analysts have recently issued reports on MARA shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. B. Riley boosted their price target on shares of 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. dropped their price objective on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.22.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The company has a market capitalization of $4.32 billion, a PE ratio of 7.13 and a beta of 5.51. The company’s 50-day simple moving average is $17.98 and its 200-day simple moving average is $19.07.

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

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of MARA. Vanguard Group Inc. boosted its position in Marathon Digital by 1.9% during the first quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock worth $540,002,000 after purchasing an additional 441,455 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Marathon Digital by 261.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after buying an additional 2,340,472 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Marathon Digital by 186.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock valued at $40,485,000 after acquiring an additional 1,327,969 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Marathon Digital by 4,394.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after acquiring an additional 1,324,625 shares in the last quarter. Finally, Millennium Management LLC raised its position in Marathon Digital by 12.7% during the second quarter. Millennium Management LLC now owns 1,333,856 shares of the business services provider’s stock worth $26,477,000 after acquiring an additional 149,805 shares during the last quarter. 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.