Maryland State Retirement & Pension System Invests $1.89 Million in Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Maryland State Retirement & Pension System bought a new stake in shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 95,169 shares of the business services provider’s stock, valued at approximately $1,889,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider’s stock valued at $540,002,000 after buying an additional 441,455 shares during the period. Bank of New York Mellon Corp boosted its position in Marathon Digital by 186.6% in the 2nd 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 purchasing an additional 1,327,969 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 period. Principal Financial Group Inc. lifted its stake in shares of Marathon Digital by 4,394.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after purchasing an additional 1,324,625 shares during the period. Finally, Hel Ved Capital Management Ltd purchased a new stake in Marathon Digital during the fourth quarter worth $11,531,000. 44.53% of the stock is owned by hedge funds and other institutional investors.

Marathon Digital Trading Down 1.7 %

NASDAQ MARA traded down $0.29 on Friday, reaching $16.70. 31,089,257 shares of the company were exchanged, compared to its average volume of 57,823,305. 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 fifty day moving average price is $19.29 and its 200 day moving average price is $20.19. The stock has a market capitalization of $4.72 billion, a P/E ratio of 7.77 and a beta of 5.56. Marathon Digital Holdings, Inc. has a fifty-two week low of $7.16 and a fifty-two week high of $34.09.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The firm had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. During the same period in the prior year, the company posted ($0.13) EPS. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. Analysts forecast that Marathon Digital Holdings, Inc. will post -1.11 earnings per share for the current year.

Insider Activity

In related news, Director Said Ouissal sold 10,217 shares of the 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 in the company, valued at $1,230,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.11% of the company’s stock.

Analysts Set New Price Targets

MARA has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Friday, August 23rd. B. Riley lifted their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.22.

Marathon Digital 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.