Marathon Digital (NASDAQ:MARA) Shares Down 1.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 1.8% during mid-day trading on Thursday . The stock traded as low as $17.18 and last traded at $17.31. Approximately 9,933,803 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 58,562,004 shares. The stock had previously closed at $17.63.

Analyst Ratings Changes

A number of brokerages have recently commented on MARA. JPMorgan Chase & Co. cut their price target on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. B. Riley raised 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. Finally, StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Marathon Digital currently has an average rating of “Hold” and an average target price of $19.55.

Marathon Digital Stock Performance

The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 7.98 and a beta of 5.56. 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’s fifty day moving average is $19.63 and its two-hundred day moving average is $20.34.

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

Insider Buying and Selling at Marathon Digital

In other 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 completion of the transaction, the director now directly owns 60,046 shares in the company, valued at approximately $1,230,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in Marathon Digital in the 4th quarter valued at about $930,000. Strs Ohio bought a new position in shares of Marathon Digital during the fourth quarter worth approximately $260,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Marathon Digital by 70.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,213 shares of the business services provider’s stock worth $1,109,000 after purchasing an additional 19,493 shares during the last quarter. Xponance Inc. boosted its stake in Marathon Digital by 29.2% in the 4th quarter. Xponance Inc. now owns 13,031 shares of the business services provider’s stock valued at $306,000 after purchasing an additional 2,946 shares during the period. Finally, CWM LLC boosted its stake in Marathon Digital by 62.5% in the 4th quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 1,754 shares during the period. 44.53% of the stock is 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.