Marathon Digital (NASDAQ:MARA) Issues Quarterly Earnings Results

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

Marathon Digital Stock Performance

Shares of NASDAQ MARA traded down $0.95 during mid-day trading on Friday, reaching $17.19. 38,866,863 shares of the company’s stock were exchanged, compared to its average volume of 46,904,264. Marathon Digital has a 52 week low of $7.16 and a 52 week high of $34.09. The firm has a 50-day moving average price of $20.64 and a two-hundred day moving average price of $20.40. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 8.00 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07.

Wall Street Analysts Forecast Growth

MARA has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Chardan Capital dropped their target price 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. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Finally, Needham & Company LLC reiterated 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 issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.61.

Insider Activity at Marathon Digital

In related news, Director Said Ouissal sold 10,217 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, 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 Securities & Exchange Commission, which is available at this hyperlink. 1.11% of the stock is currently owned by company insiders.

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.