Marathon Digital (NASDAQ:MARA) Issues Earnings Results

Marathon Digital (NASDAQ:MARA) posted its earnings results on Thursday. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49), Briefing.com reports. The company had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.13) earnings per share.

Marathon Digital Price Performance

NASDAQ:MARA traded down $0.95 during mid-day trading on Friday, reaching $17.19. 38,866,863 shares of the stock were exchanged, compared to its average volume of 46,904,264. The business has a fifty day moving average price of $20.64 and a 200 day moving average price of $20.40. The firm has a market capitalization of $4.86 billion, a PE ratio of 8.00 and a beta of 5.56. Marathon Digital has a 1-year low of $7.16 and a 1-year high of $34.09. The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MARA. Chardan Capital lowered their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. 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. B. Riley raised their price target on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.61.

Insider Buying and Selling

In related news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction dated Wednesday, June 12th. The stock was 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.11% of the stock is owned by corporate insiders.

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.