Marathon Digital (NASDAQ:MARA) Stock Price Up 0.8%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were up 0.8% on Wednesday . The company traded as high as $16.05 and last traded at $15.99. Approximately 5,728,445 shares were traded during trading, a decline of 90% from the average daily volume of 55,865,203 shares. The stock had previously closed at $15.87.

Analysts Set New Price Targets

MARA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target 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. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, B. Riley raised their price objective on Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Marathon Digital has an average rating of “Hold” and a consensus target price of $19.22.

Marathon Digital Stock Performance

The firm has a 50 day moving average price of $17.98 and a 200-day moving average price of $19.07. The stock has a market capitalization of $4.37 billion, a PE ratio of 7.19 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 announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The business had revenue of $145.14 million for the quarter, compared to analyst estimates of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The business’s revenue was up 77.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of 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 worth $29,000 after acquiring an additional 695 shares during the period. FinTrust Capital Advisors LLC purchased a new stake in shares of Marathon Digital during the 1st quarter valued at approximately $90,000. DekaBank Deutsche Girozentrale acquired a new position in Marathon Digital in the first quarter valued at about $105,000. GAMMA Investing LLC boosted its position in shares of Marathon Digital by 108.0% during the 2nd quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider’s stock worth $136,000 after purchasing an additional 3,565 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in shares of Marathon Digital by 1,555.6% during the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider’s stock worth $164,000 after buying an additional 7,778 shares during the period. Hedge funds and other institutional investors 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.