Marathon Digital (NASDAQ:MARA) Trading Down 0.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was down 0.6% on Tuesday . The company traded as low as $16.12 and last traded at $16.34. Approximately 15,872,033 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 58,874,539 shares. The stock had previously closed at $16.44.

Wall Street Analysts Forecast Growth

Several research firms have commented on MARA. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Chardan Capital decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.55.

Marathon Digital Price 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 business’s 50 day moving average price is $19.63 and its two-hundred day moving average price is $20.34. The stock has a market cap of $4.77 billion, a P/E ratio of 7.98 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last posted 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 firm had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.86% and a net margin of 62.57%. The firm’s revenue was up 77.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.13) EPS. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Said Ouissal sold 10,217 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the sale, the director now owns 60,046 shares in the company, valued at approximately $1,230,943. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MARA. Global Retirement Partners LLC increased its position in Marathon Digital by 7.7% during the 1st quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock valued at $207,000 after buying an additional 658 shares in the last quarter. Beaird Harris Wealth Management LLC grew its stake in shares of Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after acquiring an additional 695 shares during the last quarter. Ranch Capital Advisors Inc. increased its holdings in shares of Marathon Digital by 6.1% during the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock valued at $269,000 after acquiring an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Marathon Digital by 4.1% in the 1st quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock worth $505,000 after purchasing an additional 881 shares during the last quarter. Finally, Intrepid Financial Planning Group LLC boosted its stake in Marathon Digital by 4.1% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock worth $555,000 after purchasing an additional 930 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other 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.