Marathon Digital (NASDAQ:MARA) Shares Gap Down to $17.03

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price gapped down before the market opened on Monday . The stock had previously closed at $17.03, but opened at $16.03. Marathon Digital shares last traded at $15.92, with a volume of 4,750,870 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. B. Riley lifted their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Chardan Capital dropped their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Finally, StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.55.

Marathon Digital Stock Performance

The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13. The stock’s 50-day simple moving average is $20.29 and its 200-day simple moving average is $20.46. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 7.30 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The company had revenue of $145.14 million for 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 revenue was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.13) earnings per share. Analysts forecast that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current fiscal year.

Insider Activity

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction 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 sale, the director now owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in Marathon Digital by 29.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after purchasing an additional 410,146 shares during the last quarter. Vima LLC bought a new position in shares of Marathon Digital in the 4th quarter worth about $949,000. Virtu Financial LLC acquired a new position in shares of Marathon Digital in the 4th quarter valued at about $1,629,000. Victory Capital Management Inc. boosted its position in shares of Marathon Digital by 57.2% during the 4th quarter. Victory Capital Management Inc. now owns 29,204 shares of the business services provider’s stock valued at $686,000 after purchasing an additional 10,627 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Marathon Digital during the fourth quarter worth approximately $930,000. 44.53% of the stock is currently owned by institutional investors.

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.