Marathon Digital (NASDAQ:MARA) Shares Gap Up After Analyst Upgrade

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped up prior to trading on Monday after B. Riley raised their price target on the stock from $18.00 to $20.00. The stock had previously closed at $20.77, but opened at $21.91. B. Riley currently has a neutral rating on the stock. Marathon Digital shares last traded at $21.81, with a volume of 7,027,231 shares.

Other equities research analysts have also recently issued research reports about the company. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a report on Thursday, June 20th. Chardan Capital reduced their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price 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. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.61.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Marathon Digital by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock worth $157,447,000 after acquiring an additional 1,000,225 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Marathon Digital by 29.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after buying an additional 410,146 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Marathon Digital by 29.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock worth $30,429,000 after buying an additional 296,776 shares during the period. Vima LLC purchased a new stake in Marathon Digital during the fourth quarter valued at about $949,000. Finally, Virtu Financial LLC purchased a new position in shares of Marathon Digital in the fourth quarter worth approximately $1,629,000. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 12.43 and a beta of 5.56. The stock’s fifty day moving average price is $20.25 and its 200-day moving average price is $20.55.

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

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.