Marathon Digital (NASDAQ:MARA) Stock Price Up 2.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 2.2% during trading on Wednesday . The company traded as high as $20.02 and last traded at $19.67. Approximately 12,334,014 shares changed hands during trading, a decline of 81% from the average daily volume of 63,803,117 shares. The stock had previously closed at $19.25.

Wall Street Analyst Weigh In

MARA has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. B. Riley reduced their price objective on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Chardan Capital cut their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.33.

Marathon Digital Stock Performance

The stock has a market capitalization of $5.58 billion, a P/E ratio of 9.15 and a beta of 5.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The company’s fifty day simple moving average is $19.29 and its two-hundred day simple moving average is $20.69.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). The company had revenue of $165.20 million during the quarter, compared to the consensus estimate of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. As a group, equities analysts forecast that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current year.

Insider Transactions at Marathon Digital

In other news, Director Said Ouissal sold 10,217 shares of the firm’s 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 transaction, the director now directly owns 60,046 shares of the company’s stock, valued at $1,230,943. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MARA. Charles Schwab Investment Management Inc. boosted its holdings in Marathon Digital by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,593 shares of the business services provider’s stock worth $12,016,000 after purchasing an additional 69,705 shares during the last quarter. Rhumbline Advisers boosted its stake in Marathon Digital by 1.9% in the third quarter. Rhumbline Advisers now owns 248,392 shares of the business services provider’s stock valued at $2,111,000 after acquiring an additional 4,616 shares during the last quarter. Kestra Advisory Services LLC boosted its stake in Marathon Digital by 16.8% in the third quarter. Kestra Advisory Services LLC now owns 12,888 shares of the business services provider’s stock valued at $110,000 after acquiring an additional 1,858 shares during the last quarter. Algert Global LLC boosted its stake in Marathon Digital by 4.8% in the third quarter. Algert Global LLC now owns 76,840 shares of the business services provider’s stock valued at $653,000 after acquiring an additional 3,520 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Marathon Digital by 5.7% in the third quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock valued at $157,447,000 after acquiring an additional 1,000,225 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.