Marathon Digital (NASDAQ:MARA) Trading 3.5% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded up 3.5% during mid-day trading on Wednesday . The company traded as high as $20.63 and last traded at $20.53. 18,122,962 shares traded hands during trading, a decline of 72% from the average session volume of 65,392,504 shares. The stock had previously closed at $19.83.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. 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 note on Wednesday, May 8th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Tuesday, May 28th. StockNews.com lowered shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $19.33.

Marathon Digital Price Performance

The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 9.17 and a beta of 5.46. The business’s 50-day moving average price is $18.84 and its two-hundred day moving average price is $20.27. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07.

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

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds have recently added to or reduced their stakes in MARA. EverSource Wealth Advisors LLC grew its position in shares of Marathon Digital by 143.0% during the first quarter. EverSource Wealth Advisors LLC now owns 157,449 shares of the business services provider’s stock worth $3,555,000 after acquiring an additional 92,649 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Marathon Digital during the first quarter worth about $105,000. Cetera Advisors LLC grew its position in shares of Marathon Digital by 606.5% during the first quarter. Cetera Advisors LLC now owns 105,648 shares of the business services provider’s stock worth $2,386,000 after acquiring an additional 90,695 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Marathon Digital during the first quarter worth about $3,696,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Marathon Digital during the first quarter worth about $312,000. 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.