Marathon Digital (NASDAQ:MARA) Upgraded by Zacks Investment Research to “Strong-Buy”

Zacks Investment Research upgraded shares of Marathon Digital (NASDAQ:MARA) from a hold rating to a strong-buy rating in a report released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $42.00 price objective on the business services provider’s stock.

According to Zacks, “Marathon Digital Holdings is a digital asset technology company which mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings, formerly known as Marathon Patent Group Inc., is based in LAS VEGAS. “

Other analysts also recently issued research reports about the stock. Compass Point started coverage on shares of Marathon Digital in a research report on Monday, June 21st. They set a buy rating and a $40.00 target price on the stock. B. Riley upped their price objective on shares of Marathon Digital from $54.00 to $87.00 and gave the company a buy rating in a report on Wednesday, September 15th.

MARA stock opened at $33.89 on Friday. Marathon Digital has a 12 month low of $1.48 and a 12 month high of $57.75. The company has a 50-day moving average price of $32.84 and a 200 day moving average price of $33.03. The stock has a market cap of $3.38 billion, a PE ratio of -94.31 and a beta of 4.54.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 12th. The business services provider reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($1.25). Marathon Digital had a negative net margin of 78.08% and a negative return on equity of 2.25%. On average, equities research analysts predict that Marathon Digital will post 1.22 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Institutional & Family Asset Management LLC purchased a new position in shares of Marathon Digital in the first quarter valued at approximately $31,000. Paragon Wealth Strategies LLC acquired a new stake in Marathon Digital during the second quarter worth approximately $27,000. PNC Financial Services Group Inc. raised its holdings in Marathon Digital by 360.5% during the second quarter. PNC Financial Services Group Inc. now owns 921 shares of the business services provider’s stock worth $29,000 after purchasing an additional 721 shares in the last quarter. IFP Advisors Inc raised its holdings in Marathon Digital by 69.6% during the first quarter. IFP Advisors Inc now owns 1,114 shares of the business services provider’s stock worth $52,000 after purchasing an additional 457 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Marathon Digital by 56.3% in the 2nd quarter. Wells Fargo & Company MN now owns 1,307 shares of the business services provider’s stock valued at $41,000 after acquiring an additional 471 shares during the period. 35.44% of the stock is owned by institutional investors.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company, which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The company was founded on February 23, 2010 and is headquartered in Las Vegas, NV.

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