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

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price 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 trading hands.

Wall Street Analysts Forecast Growth

MARA has been the topic of several recent analyst reports. StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. dropped their price objective 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. B. Riley reduced their target price on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Finally, Chardan Capital reduced their price target 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.33.

Marathon Digital Price Performance

The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.02 billion, a PE ratio of 10.29 and a beta of 5.56. The business’s 50-day simple moving average is $19.70 and its 200-day simple moving average is $20.84.

Marathon Digital (NASDAQ:MARA) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Activity at Marathon Digital

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after purchasing an additional 4,950,392 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in Marathon Digital during the fourth quarter valued at $11,531,000. Charles Schwab Investment Management Inc. grew its stake in shares of Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock worth $42,840,000 after acquiring an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marathon Digital by 29.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock valued at $30,429,000 after acquiring an additional 296,776 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Marathon Digital by 203.9% in the 4th quarter. SG Americas Securities LLC now owns 266,176 shares of the business services provider’s stock worth $6,252,000 after purchasing an additional 178,578 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.