Marathon Digital (NASDAQ:MARA) Stock Price Down 1.5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) was down 1.5% during trading on Wednesday . The stock traded as low as $18.67 and last traded at $19.14. Approximately 22,311,228 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 73,061,250 shares. The stock had previously closed at $19.44.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research note on Wednesday, April 10th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Marathon Digital in a research note on Tuesday, March 19th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Wednesday, January 17th. Finally, Chardan Capital boosted their target price on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.11.

Marathon Digital Stock Performance

The firm has a fifty day simple moving average of $21.47 and a 200-day simple moving average of $17.72. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 22.73 and a beta of 5.36. The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $138.15 million. Analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of Marathon Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after acquiring an additional 4,950,392 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Marathon Digital by 29.0% in the 4th 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 purchasing an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marathon Digital by 29.7% during the 4th 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 purchasing an additional 296,776 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Marathon Digital by 13.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock valued at $18,638,000 after acquiring an additional 95,946 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Marathon Digital by 22.1% in the 4th 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 period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.

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.