Marathon Digital (NASDAQ:MARA) Shares Gap Down to $22.12

Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down before the market opened on Wednesday . The stock had previously closed at $22.12, but opened at $21.50. Marathon Digital shares last traded at $21.44, with a volume of 6,855,176 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Chardan Capital dropped their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. B. Riley cut their target price on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. JPMorgan Chase & Co. lowered their price target on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Finally, StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.33.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 10.29 and a beta of 5.56. The firm has a fifty day simple moving average of $19.70 and a two-hundred day simple moving average of $20.84.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). The company had revenue of $165.20 million for the quarter, compared to analysts’ expectations of $193.89 million. Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. On average, analysts expect that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the completion of the transaction, the director now directly owns 60,046 shares of the company’s stock, valued at $1,230,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.11% of the company’s stock.

Institutional Trading of Marathon Digital

Several institutional investors have recently modified their holdings of MARA. Beaird Harris Wealth Management LLC boosted its holdings in Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after buying an additional 695 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Marathon Digital by 752.3% during 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 purchased a new position in Marathon Digital in the 4th quarter valued at $61,000. GAMMA Investing LLC purchased a new stake in shares of Marathon Digital during the fourth quarter worth $75,000. Finally, FinTrust Capital Advisors LLC acquired a new stake in shares of Marathon Digital in the first quarter valued at about $90,000. Institutional investors and hedge funds 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.