Marathon Digital (NASDAQ:MARA) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Marathon Digital (NASDAQ:MARA) from a sell rating to a hold rating in a report published on Tuesday morning.

Several other research analysts have also recently issued reports on MARA. BTIG Research raised Marathon Digital from a neutral rating to a buy rating and set a $27.00 price objective for the company in a research report on Wednesday, January 17th. Chardan Capital increased their target price on Marathon Digital from $26.00 to $30.00 and gave the stock a neutral rating in a research note on Monday, March 4th. JPMorgan Chase & Co. increased 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. Finally, HC Wainwright restated a buy rating and issued a $35.00 price target on shares of Marathon Digital in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $21.11.

Marathon Digital Stock Performance

Shares of Marathon Digital stock opened at $19.01 on Tuesday. Marathon Digital has a one year low of $7.16 and a one year high of $34.09. The company has a market cap of $5.09 billion, a price-to-earnings ratio of 22.63 and a beta of 5.36. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50. The business’s 50 day moving average price is $21.11 and its 200 day moving average price is $17.74.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share 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 analyst estimates of $138.15 million. On average, research analysts predict that Marathon Digital will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in 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 purchasing an additional 4,950,392 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Marathon Digital by 29.0% during 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 acquiring an additional 410,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Marathon Digital by 29.7% during 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 acquiring an additional 296,776 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Marathon Digital by 13.8% during 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 acquiring an additional 95,946 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Marathon Digital by 22.1% during 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 acquiring an additional 119,470 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

About Marathon Digital

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.