Marathon Digital (NASDAQ:MARA) Shares Down 1.7% Following Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 1.7% on Wednesday after Chardan Capital lowered their price target on the stock from $30.00 to $21.00. Chardan Capital currently has a neutral rating on the stock. Marathon Digital traded as low as $18.77 and last traded at $19.87. Approximately 17,245,537 shares were traded during trading, a decline of 75% from the average daily volume of 70,340,484 shares. The stock had previously closed at $20.21.

MARA has been the topic of several other reports. StockNews.com raised shares of Marathon Digital from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their target price on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research note on Wednesday, April 10th. BTIG Research upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.83.

Hedge Funds Weigh In On Marathon Digital

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Marathon Digital by 26.7% in 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 buying an additional 4,950,392 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 valued at $42,840,000 after buying an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Marathon Digital by 29.7% in 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 buying an additional 296,776 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Marathon Digital by 13.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock valued at $18,638,000 after buying an additional 95,946 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Marathon Digital by 22.1% in the fourth quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider’s stock valued at $15,499,000 after buying an additional 119,470 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

Marathon Digital Price Performance

The stock’s 50-day moving average price is $19.60 and its 200 day moving average price is $18.46. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 23.92 and a beta of 5.38. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. The firm had revenue of $156.77 million during the quarter, compared to analysts’ expectations of $138.15 million. Equities research analysts expect that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Marathon Digital Company Profile

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.