Marathon Digital (NASDAQ:MARA) Coverage Initiated at Chardan Capital

Investment analysts at Chardan Capital initiated coverage on shares of Marathon Digital (NASDAQ:MARAGet Rating) in a report issued on Friday, Briefing.com reports. The firm set a “buy” rating and a $19.00 price target on the business services provider’s stock. Chardan Capital’s target price points to a potential upside of 109.02% from the company’s current price.

Several other research firms have also recently weighed in on MARA. Zacks Investment Research upgraded Marathon Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 24th. BTIG Research dropped their price objective on Marathon Digital from $50.00 to $16.00 in a research report on Friday. B. Riley decreased their target price on Marathon Digital from $57.00 to $36.00 in a research report on Thursday, May 5th. Finally, Compass Point increased their target price on shares of Marathon Digital from $54.00 to $66.00 and gave the stock a “na” rating in a report on Tuesday, May 24th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $45.29.

Shares of Marathon Digital stock opened at $9.09 on Friday. The company has a quick ratio of 40.00, a current ratio of 40.00 and a debt-to-equity ratio of 0.94. Marathon Digital has a 12-month low of $8.53 and a 12-month high of $83.45. The company has a market capitalization of $966.36 million, a price-to-earnings ratio of -6.78 and a beta of 4.70. The firm’s 50-day moving average price is $17.46 and its two-hundred day moving average price is $26.94.

Marathon Digital (NASDAQ:MARAGet Rating) last issued its quarterly earnings results on Tuesday, March 1st. The business services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The company had revenue of $60.28 million during the quarter, compared to the consensus estimate of $60.23 million. Marathon Digital had a negative net margin of 68.64% and a positive return on equity of 19.68%. On average, sell-side analysts expect that Marathon Digital will post 0.88 earnings per share for the current year.

In other Marathon Digital news, Director Kevin A. Denuccio acquired 15,424 shares of Marathon Digital stock in a transaction that occurred on Thursday, May 12th. The shares were bought at an average price of $9.63 per share, with a total value of $148,533.12. Following the completion of the purchase, the director now directly owns 99,999 shares in the company, valued at approximately $962,990.37. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.62% of the company’s stock.

A number of hedge funds have recently modified their holdings of MARA. HighTower Advisors LLC boosted its holdings in Marathon Digital by 13.4% in the third quarter. HighTower Advisors LLC now owns 42,056 shares of the business services provider’s stock worth $1,322,000 after acquiring an additional 4,974 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Marathon Digital by 887.7% in the 3rd quarter. Wellington Management Group LLP now owns 371,365 shares of the business services provider’s stock worth $11,727,000 after buying an additional 333,767 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Marathon Digital by 17.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 112,841 shares of the business services provider’s stock worth $3,708,000 after acquiring an additional 17,147 shares during the period. Morgan Stanley increased its position in shares of Marathon Digital by 43.2% during the 3rd quarter. Morgan Stanley now owns 934,919 shares of the business services provider’s stock valued at $29,525,000 after purchasing an additional 282,177 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Marathon Digital by 871.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,417,438 shares of the business services provider’s stock worth $46,577,000 after purchasing an additional 1,271,500 shares during the period. Institutional investors and hedge funds own 39.93% of the company’s stock.

Marathon Digital Company Profile (Get Rating)

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund.

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Analyst Recommendations for Marathon Digital (NASDAQ:MARA)

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