Marathon Digital (NASDAQ:MARA) Shares Gap Down to $8.37

Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Rating) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.37, but opened at $8.18. Marathon Digital shares last traded at $8.35, with a volume of 118,179 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MARA. Jefferies Financial Group downgraded shares of Marathon Digital from a “buy” rating to a “hold” rating and reduced their target price for the company from $12.50 to $4.00 in a research report on Monday, January 9th. Compass Point dropped their price target on Marathon Digital from $30.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, October 25th. BTIG Research lowered Marathon Digital from a “buy” rating to a “neutral” rating in a report on Friday, September 23rd. HC Wainwright dropped their price objective on shares of Marathon Digital from $35.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, November 9th. Finally, DA Davidson reduced their target price on shares of Marathon Digital from $18.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, January 12th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $13.11.

Marathon Digital Price Performance

The company has a quick ratio of 5.27, a current ratio of 5.27 and a debt-to-equity ratio of 1.25. The business’s 50-day simple moving average is $5.63 and its 200-day simple moving average is $9.64. The stock has a market cap of $857.39 million, a PE ratio of -3.02 and a beta of 4.71.

Marathon Digital (NASDAQ:MARAGet Rating) last issued its quarterly earnings data on Tuesday, November 8th. The business services provider reported ($0.36) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.36). Marathon Digital had a negative return on equity of 12.44% and a negative net margin of 179.46%. The firm had revenue of $12.69 million for the quarter, compared to analyst estimates of $35.43 million. On average, research analysts expect that Marathon Digital Holdings, Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Kevin A. Denuccio bought 70,000 shares of the company’s stock in a transaction dated Tuesday, December 13th. The shares were purchased at an average price of $4.84 per share, for a total transaction of $338,800.00. Following the completion of the purchase, the director now owns 175,000 shares in the company, valued at approximately $847,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Marathon Digital news, Director Douglas K. Mellinger bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 28th. The stock was bought at an average cost of $3.27 per share, for a total transaction of $32,700.00. Following the completion of the transaction, the director now owns 28,771 shares of the company’s stock, valued at approximately $94,081.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin A. Denuccio acquired 70,000 shares of the business’s stock in a transaction dated Tuesday, December 13th. The shares were acquired at an average cost of $4.84 per share, with a total value of $338,800.00. Following the transaction, the director now owns 175,000 shares in the company, valued at $847,000. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 95,000 shares of company stock worth $429,000. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Marathon Digital

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Marathon Digital by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 10,668,015 shares of the business services provider’s stock valued at $114,255,000 after buying an additional 978,569 shares in the last quarter. BlackRock Inc. lifted its holdings in Marathon Digital by 6.0% during the third quarter. BlackRock Inc. now owns 7,785,906 shares of the business services provider’s stock valued at $83,387,000 after purchasing an additional 439,850 shares in the last quarter. State Street Corp boosted its position in shares of Marathon Digital by 11.2% in the third quarter. State Street Corp now owns 2,682,614 shares of the business services provider’s stock worth $28,731,000 after purchasing an additional 269,351 shares during the period. Renaissance Technologies LLC increased its stake in shares of Marathon Digital by 297.0% in the second quarter. Renaissance Technologies LLC now owns 1,636,538 shares of the business services provider’s stock worth $8,739,000 after purchasing an additional 1,224,300 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in Marathon Digital by 138.1% in the 1st quarter. Allianz Asset Management GmbH now owns 1,161,688 shares of the business services provider’s stock worth $32,470,000 after buying an additional 673,764 shares during the period. Institutional investors own 39.88% of the company’s stock.

Marathon Digital Company Profile

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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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