Marathon Digital (NASDAQ:MARA) Posts Quarterly Earnings Results, Misses Expectations By $0.49 EPS

Marathon Digital (NASDAQ:MARA) announced its quarterly earnings results on Thursday. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49), Briefing.com reports. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The firm had revenue of $145.14 million for the quarter, compared to the consensus estimate of $157.86 million. During the same period last year, the business earned ($0.13) EPS. Marathon Digital’s revenue was up 77.5% on a year-over-year basis.

Marathon Digital Stock Down 5.2 %

Shares of MARA traded down $0.95 during mid-day trading on Friday, hitting $17.19. The company’s stock had a trading volume of 38,866,863 shares, compared to its average volume of 46,904,264. The company’s 50-day moving average is $20.64 and its 200-day moving average is $20.40. Marathon Digital has a 52-week low of $7.16 and a 52-week high of $34.09. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 8.00 and a beta of 5.56. The company has a current ratio of 23.07, a quick ratio of 23.07 and a debt-to-equity ratio of 0.13.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. JPMorgan Chase & Co. cut their price target on shares of Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. B. Riley upped their target price on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a research note on Thursday, June 20th. Finally, StockNews.com downgraded shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $19.61.

Insider Transactions at Marathon Digital

In other news, Director Said Ouissal sold 10,217 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,230,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.11% 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.