Marathon Digital (NASDAQ:MARA) Stock Price Up 1.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 1.6% during trading on Thursday . The company traded as high as $21.04 and last traded at $21.00. Approximately 13,722,830 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 61,795,738 shares. The stock had previously closed at $20.67.

Analyst Ratings Changes

MARA has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. JPMorgan Chase & Co. decreased their price target on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Chardan Capital reduced their price objective on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Finally, B. Riley raised their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Performance

The stock has a market cap of $5.87 billion, a PE ratio of 9.77 and a beta of 5.56. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average of $20.80 and a 200 day moving average of $20.54.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $165.20 million for the quarter, compared to analysts’ expectations of $193.89 million. Equities analysts predict that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now owns 60,046 shares in the company, valued at $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System acquired a new position in shares of Marathon Digital during the 2nd quarter worth about $2,725,000. Sloy Dahl & Holst LLC purchased a new position in shares of Marathon Digital during the 2nd quarter worth approximately $394,000. Neo Ivy Capital Management purchased a new position in shares of Marathon Digital during the 2nd quarter worth approximately $329,000. Sara Bay Financial raised its stake in shares of Marathon Digital by 8.7% during the 2nd quarter. Sara Bay Financial now owns 113,904 shares of the business services provider’s stock worth $2,261,000 after buying an additional 9,104 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Marathon Digital by 56.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 57,931 shares of the business services provider’s stock worth $1,150,000 after buying an additional 20,861 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

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.