Marathon Digital (NASDAQ:MARA) Trading Down 6.1%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 6.1% during mid-day trading on Monday . The company traded as low as $13.67 and last traded at $16.14. 21,211,133 shares were traded during mid-day trading, a decline of 65% from the average session volume of 60,707,941 shares. The stock had previously closed at $17.19.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Chardan Capital dropped their price target on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. JPMorgan Chase & Co. dropped their target price on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Finally, StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.61.

Marathon Digital Stock Down 8.2 %

The firm has a market cap of $4.48 billion, a P/E ratio of 7.37 and a beta of 5.56. The stock’s 50 day simple moving average is $20.39 and its 200 day simple moving average is $20.42. 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, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The business had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The business’s revenue for the quarter was up 77.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) EPS. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current year.

Insider Transactions at Marathon Digital

In other news, Director Said Ouissal sold 10,217 shares of the company’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 completion of the sale, the director now owns 60,046 shares in the company, valued at approximately $1,230,943. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its position in Marathon Digital by 7.7% during the first quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock valued at $207,000 after buying an additional 658 shares during the period. Beaird Harris Wealth Management LLC grew its position in Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after buying an additional 695 shares during the period. Ameritas Investment Partners Inc. grew its position in Marathon Digital by 4.1% during the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after buying an additional 881 shares during the period. Intrepid Financial Planning Group LLC grew its position in Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after buying an additional 930 shares during the period. Finally, Commonwealth Equity Services LLC grew its position in Marathon Digital by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock valued at $1,603,000 after buying an additional 1,430 shares during the period. Institutional investors own 44.53% of the company’s stock.

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.