Marathon Digital (NASDAQ:MARA) Stock Price Down 5.3%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 5.3% during mid-day trading on Tuesday . The company traded as low as $16.71 and last traded at $17.07. Approximately 16,625,529 shares changed hands during trading, a decline of 77% from the average daily volume of 71,439,391 shares. The stock had previously closed at $18.03.

Analysts Set New Price Targets

MARA has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research note on Wednesday, April 10th. Chardan Capital increased their target price on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 17th. HC Wainwright reissued a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a research note on Tuesday, March 19th. Finally, StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Stock Down 10.9 %

The firm has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $18.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51. The company has a market capitalization of $4.30 billion, a PE ratio of 20.32 and a beta of 5.37.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The business had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. On average, research analysts predict that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc grew its stake in Marathon Digital by 752.3% in the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock worth $39,000 after purchasing an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Marathon Digital in the fourth quarter worth about $61,000. GAMMA Investing LLC acquired a new position in Marathon Digital in the fourth quarter worth about $75,000. CWM LLC grew its stake in Marathon Digital by 62.5% in the fourth quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock worth $107,000 after purchasing an additional 1,754 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its stake in Marathon Digital by 307.0% in the first quarter. Newbridge Financial Services Group Inc. now owns 8,140 shares of the business services provider’s stock valued at $184,000 after acquiring an additional 6,140 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.