Marathon Digital (NASDAQ:MARA) Shares Up 0.8%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 0.8% during trading on Tuesday . The company traded as high as $15.39 and last traded at $15.23. Approximately 19,916,061 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 59,705,051 shares. The stock had previously closed at $15.11.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Chardan Capital reduced their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. JPMorgan Chase & Co. decreased their price objective on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. B. Riley upped their target price on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. 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. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Two investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.55.

Marathon Digital Stock Up 2.5 %

The stock has a 50 day moving average price of $20.20 and a 200 day moving average price of $20.46. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 7.08 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last posted its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a negative return on equity of 5.86% and a net margin of 62.57%. The company’s revenue was up 77.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.13) earnings per share. As a group, analysts forecast that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current year.

Insider Buying and Selling

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the sale, the director now owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.11% of the stock is owned by insiders.

Institutional Trading of Marathon Digital

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake 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 during the period. Dimensional Fund Advisors LP increased its stake 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 valued at $64,249,000 after acquiring an additional 2,340,472 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Marathon Digital by 186.6% during the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after acquiring an additional 1,327,969 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after purchasing an additional 410,146 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Marathon Digital by 4,394.8% in the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after purchasing an additional 1,324,625 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.