Marathon Digital (NASDAQ:MARA) Shares Up 6.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 6.4% on Thursday . The company traded as high as $15.58 and last traded at $15.56. Approximately 12,851,564 shares traded hands during trading, a decline of 83% from the average daily volume of 73,952,430 shares. The stock had previously closed at $14.63.

Analyst Upgrades and Downgrades

MARA has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Monday. BTIG Research raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, January 17th. JPMorgan Chase & Co. increased their price target 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. Finally, Chardan Capital raised their price target on shares of Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.11.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 18.52 and a beta of 5.36. The stock has a 50-day moving average price of $22.07 and a 200 day moving average price of $17.39.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results 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 negative return on equity of 4.61% and a net margin of 48.93%. The firm had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in Marathon Digital by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 474,377 shares of the business services provider’s stock valued at $13,259,000 after purchasing an additional 4,843 shares during the period. HighTower Advisors LLC raised its stake in Marathon Digital by 17.6% during the 1st quarter. HighTower Advisors LLC now owns 57,486 shares of the business services provider’s stock valued at $1,607,000 after acquiring an additional 8,588 shares during the last quarter. Private Advisor Group LLC lifted its position in Marathon Digital by 6.1% during the 1st quarter. Private Advisor Group LLC now owns 17,709 shares of the business services provider’s stock worth $495,000 after acquiring an additional 1,015 shares during the period. MetLife Investment Management LLC grew its stake in shares of Marathon Digital by 54.7% in the 1st quarter. MetLife Investment Management LLC now owns 52,851 shares of the business services provider’s stock valued at $1,477,000 after purchasing an additional 18,693 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Marathon Digital by 33.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,230 shares of the business services provider’s stock valued at $398,000 after purchasing an additional 3,601 shares during the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.

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.