Marathon Digital (NASDAQ:MARA) Stock Price Down 1.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 1.4% during mid-day trading on Monday . The company traded as low as $15.36 and last traded at $15.90. Approximately 10,987,593 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 56,191,910 shares. The stock had previously closed at $16.12.

Analysts Set New Price Targets

MARA has been the subject of a number of research analyst reports. B. Riley boosted their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, four have given 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 an average target price of $19.22.

Marathon Digital Trading Down 3.3 %

The company has a market capitalization of $4.34 billion, a P/E ratio of 7.44 and a beta of 5.51. 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 business has a fifty day moving average price of $18.13 and a 200 day moving average price of $19.13.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (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 company had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. During the same quarter in the previous year, the company posted ($0.13) EPS. The business’s revenue was up 77.5% on a year-over-year basis. On average, 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 raised its holdings in 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 in the last quarter. FinTrust Capital Advisors LLC bought a new stake in Marathon Digital during the first quarter worth about $90,000. DekaBank Deutsche Girozentrale bought a new stake in Marathon Digital in the first quarter valued at approximately $105,000. GAMMA Investing LLC raised its stake in Marathon Digital by 108.0% in the second 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, 1832 Asset Management L.P. raised its stake in Marathon Digital by 1,555.6% in the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock valued at $164,000 after buying an additional 7,778 shares during the period. Institutional investors own 44.53% of the company’s stock.

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.