Marathon Digital (NASDAQ:MARA) Shares Down 2%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 2% on Friday . The stock traded as low as $17.30 and last traded at $17.77. 15,196,119 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 60,814,875 shares. The stock had previously closed at $18.14.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Chardan Capital cut their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. JPMorgan Chase & Co. cut their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Finally, B. Riley upped their price target on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Two equities research 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Price Performance

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 firm has a fifty day simple moving average of $20.72 and a two-hundred day simple moving average of $20.41. The firm has a market cap of $4.85 billion, a PE ratio of 8.27 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The company had revenue of $165.20 million for 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%. Equities analysts predict that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current fiscal year.

Insider Activity at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the stock in a transaction dated 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 in the company, valued at approximately $1,230,943. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC increased its holdings in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 695 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Marathon Digital during the 4th quarter worth approximately $61,000. GAMMA Investing LLC purchased a new position in Marathon Digital during the 4th quarter worth approximately $75,000. FinTrust Capital Advisors LLC purchased a new stake in shares of Marathon Digital in the 1st quarter valued at $90,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Marathon Digital in the first quarter worth $105,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.