Marathon Digital (NASDAQ:MARA) Stock Price Down 3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 3% during mid-day trading on Tuesday . The company traded as low as $22.22 and last traded at $23.22. 16,513,453 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 62,046,023 shares. The stock had previously closed at $23.95.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MARA. Chardan Capital cut their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. B. Riley increased their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, July 12th. StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and a consensus target price of $19.61.

Marathon Digital Trading Down 9.3 %

The company’s 50 day moving average price is $20.72 and its 200 day moving average price is $20.56. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 10.80 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.

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

Insider Activity at Marathon Digital

In related news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the transaction, the director now directly owns 60,046 shares in the company, valued at approximately $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Marathon Digital by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock worth $157,447,000 after purchasing an additional 1,000,225 shares during the period. Fiduciary Alliance LLC bought a new position in shares of Marathon Digital during the 4th quarter worth about $345,000. Global Retirement Partners LLC bought a new position in shares of Marathon Digital during the 4th quarter worth about $200,000. Clear Creek Financial Management LLC bought a new position in shares of Marathon Digital during the 4th quarter worth about $217,000. Finally, Arizona State Retirement System increased its holdings in shares of Marathon Digital by 22.2% during the 4th quarter. Arizona State Retirement System now owns 59,138 shares of the business services provider’s stock worth $1,389,000 after purchasing an additional 10,743 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.