Marathon Digital (NASDAQ:MARA) Shares Up 5.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares shot up 5.3% on Monday . The stock traded as high as $14.19 and last traded at $14.08. 10,053,700 shares were traded during mid-day trading, a decline of 82% from the average session volume of 56,872,395 shares. The stock had previously closed at $13.37.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MARA shares. B. Riley increased their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday, August 23rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Marathon Digital presently has a consensus rating of “Hold” and an average price target of $19.22.

Marathon Digital Stock Down 0.9 %

The company has a fifty day moving average of $18.55 and a two-hundred day moving average of $19.58. The company has a market cap of $4.65 billion, a PE ratio of 7.34 and a beta of 5.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The company’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) earnings per share. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Marathon Digital by 26.7% during the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after acquiring an additional 4,950,392 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Marathon Digital by 261.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after purchasing an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp increased its position in Marathon Digital by 186.6% during the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after buying an additional 1,327,969 shares in the last quarter. Principal Financial Group Inc. increased its position in Marathon Digital by 4,394.8% during the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock worth $26,892,000 after buying an additional 1,324,625 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new stake in shares of Marathon Digital in the second quarter valued at $11,920,000. 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.