Marathon Digital (NASDAQ:MARA) Shares Down 6.5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 6.5% during trading on Wednesday . The stock traded as low as $14.88 and last traded at $14.90. Approximately 10,331,975 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 56,603,953 shares. The stock had previously closed at $15.94.

Wall Street Analyst Weigh In

MARA has been the subject of a number of recent analyst reports. B. Riley upped their price target 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. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Finally, JPMorgan Chase & Co. cut their target price on Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $19.22.

Marathon Digital Stock Performance

The company has a market capitalization of $4.74 billion, a PE ratio of 7.41 and a beta of 5.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.75 and a current ratio of 3.75. The business’s 50-day moving average is $18.55 and its 200-day moving average is $19.58.

Marathon Digital (NASDAQ:MARA) last issued 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). Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. The company had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. The business’s revenue for the quarter was up 77.5% compared to the same quarter last year. On average, research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Beaird Harris Wealth Management LLC boosted its stake in Marathon Digital by 121.1% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 695 shares during the last quarter. FinTrust Capital Advisors LLC bought a new stake in Marathon Digital in the 1st quarter worth about $90,000. DekaBank Deutsche Girozentrale purchased a new position in Marathon Digital in the 1st quarter worth about $105,000. GAMMA Investing LLC lifted its stake in Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock valued at $136,000 after acquiring an additional 3,565 shares during the period. Finally, Natixis purchased a new stake in shares of Marathon Digital during the 1st quarter valued at about $177,000. Institutional investors own 44.53% of the company’s stock.

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.