Marathon Digital (NASDAQ:MARA) Shares Up 10.3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 10.3% on Monday . The company traded as high as $21.93 and last traded at $21.90. Approximately 22,204,770 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 63,332,879 shares. The stock had previously closed at $19.85.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. cut their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. 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. B. Riley lowered their price objective on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a report on Friday, May 10th. Finally, StockNews.com downgraded Marathon Digital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.33.

Marathon Digital Trading Down 2.0 %

The company has a fifty day moving average of $19.70 and a 200-day moving average of $20.84. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The firm has a market capitalization of $6.26 billion, a PE ratio of 10.29 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.08). Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. The firm had revenue of $165.20 million for the quarter, compared to analyst estimates of $193.89 million. On average, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total transaction of $209,448.50. Following the transaction, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC grew its holdings 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 purchasing an additional 695 shares during the last quarter. Versant Capital Management Inc grew its stake in Marathon Digital by 752.3% in the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after buying an additional 1,467 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Marathon Digital in the 4th quarter worth $61,000. GAMMA Investing LLC acquired a new position in Marathon Digital during the 4th quarter worth $75,000. Finally, FinTrust Capital Advisors LLC bought a new stake in Marathon Digital during the first quarter valued at about $90,000. Institutional investors and hedge funds 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.