Marathon Digital (NASDAQ:MARA) Trading Up 2.7%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 2.7% on Friday . The stock traded as high as $16.40 and last traded at $16.23. Approximately 8,419,371 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 56,307,730 shares. The stock had previously closed at $15.80.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MARA. B. Riley boosted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. dropped their price objective on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.22.

Marathon Digital Stock Performance

The company has a 50-day moving average of $18.26 and a 200-day moving average of $19.43. The company has a market cap of $4.75 billion, a PE ratio of 7.50 and a beta of 5.51. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The firm had revenue of $145.14 million for the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a negative return on equity of 5.15% and a net margin of 62.57%. Marathon Digital’s revenue was up 77.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Marathon Digital by 26.7% in the 4th quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after buying an additional 4,950,392 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Marathon Digital by 261.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after acquiring an additional 2,340,472 shares during the period. Bank of New York Mellon Corp boosted its position in Marathon Digital by 186.6% in the second quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock worth $40,485,000 after purchasing an additional 1,327,969 shares during the last quarter. Principal Financial Group Inc. grew its stake in Marathon Digital by 4,394.8% in the 2nd quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after purchasing an additional 1,324,625 shares during the period. Finally, Public Sector Pension Investment Board purchased a new stake in shares of Marathon Digital during the 2nd quarter valued at $11,920,000. 44.53% of the stock is owned by institutional investors.

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.