Marathon Digital (NASDAQ:MARA) Stock Price Up 4% on Analyst Upgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 4% on Friday after B. Riley raised their price target on the stock from $18.00 to $20.00. B. Riley currently has a neutral rating on the stock. Marathon Digital traded as high as $19.81 and last traded at $19.79. Approximately 10,534,216 shares were traded during trading, a decline of 83% from the average daily volume of 62,002,277 shares. The stock had previously closed at $19.02.

A number of other analysts have also recently weighed in on MARA. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. StockNews.com cut Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Chardan Capital lowered their target price on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and a consensus target price of $19.61.

Insider Buying and Selling at Marathon Digital

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

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MARA. Vanguard Group Inc. boosted its stake in Marathon Digital by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock valued at $157,447,000 after purchasing an additional 1,000,225 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Marathon Digital by 752.3% during the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock worth $39,000 after acquiring an additional 1,467 shares in the last quarter. Pasadena Private Wealth LLC bought a new stake in shares of Marathon Digital during the 4th quarter worth $237,000. Brookstone Capital Management boosted its stake in shares of Marathon Digital by 34.1% during the 4th quarter. Brookstone Capital Management now owns 102,111 shares of the business services provider’s stock worth $2,399,000 after acquiring an additional 25,946 shares in the last quarter. Finally, Sara Bay Financial boosted its stake in shares of Marathon Digital by 17.0% during the 4th quarter. Sara Bay Financial now owns 88,688 shares of the business services provider’s stock worth $2,083,000 after acquiring an additional 12,870 shares in the last quarter. 44.53% of the stock is owned by institutional investors.

Marathon Digital Trading Up 9.2 %

The firm has a market capitalization of $5.87 billion, a P/E ratio of 9.66 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The firm has a 50 day moving average price of $20.04 and a two-hundred day moving average price of $20.67.

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

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.