Marathon Digital (NASDAQ:MARA) Trading Down 5.2%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Free Report) were down 5.2% on Thursday . The company traded as low as $20.64 and last traded at $20.98. Approximately 30,989,025 shares were traded during trading, a decline of 32% from the average daily volume of 45,300,688 shares. The stock had previously closed at $22.12.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MARA shares. JPMorgan Chase & Co. reduced their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, Chardan Capital reduced their price target on 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 research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and an average target price of $19.33.

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Marathon Digital Price Performance

The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 9.38 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The business has a 50 day moving average price of $19.79 and a 200-day moving average price of $20.84.

Marathon Digital (NASDAQ:MARAGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The business had revenue of $165.20 million during the quarter, compared to analyst estimates of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. Research analysts predict that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Activity

In related news, Director Said Ouissal sold 10,217 shares of the company’s 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 transaction, 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 document filed with the SEC, which can be accessed through this link. 1.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after buying an additional 3,565 shares during the period. EverSource Wealth Advisors LLC raised its stake in Marathon Digital by 143.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 157,449 shares of the business services provider’s stock worth $3,555,000 after buying an additional 92,649 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Marathon Digital during the 1st quarter worth approximately $105,000. Cetera Advisors LLC raised its stake in Marathon Digital by 606.5% during the 1st quarter. Cetera Advisors LLC now owns 105,648 shares of the business services provider’s stock worth $2,386,000 after buying an additional 90,695 shares during the period. Finally, Cetera Investment Advisers acquired a new position in Marathon Digital during the 1st quarter worth approximately $3,696,000. 44.53% of the stock is owned by institutional investors and hedge funds.

About Marathon Digital

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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.

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