Marathon Digital (NASDAQ:MARA) Shares Gap Down to $37.70

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares gapped down before the market opened on Friday . The stock had previously closed at $37.70, but opened at $35.23. Marathon Digital shares last traded at $35.43, with a volume of 74,304 shares.

A number of brokerages have recently issued reports on MARA. B. Riley raised their target price on shares of Marathon Digital from $54.00 to $87.00 and gave the stock a “buy” rating in a research report on Wednesday, September 15th. Compass Point assumed coverage on shares of Marathon Digital in a research report on Monday, June 21st. They set a “buy” rating and a $40.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Marathon Digital from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research report on Friday, September 17th.

The business’s 50-day moving average is $33.86 and its two-hundred day moving average is $33.14. The stock has a market capitalization of $3.60 billion, a PE ratio of -95.21 and a beta of 4.54.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 12th. The business services provider reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($1.25). Marathon Digital had a negative net margin of 78.08% and a negative return on equity of 2.25%. Sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Paragon Wealth Strategies LLC acquired a new stake in Marathon Digital in the second quarter valued at $27,000. PNC Financial Services Group Inc. lifted its holdings in Marathon Digital by 360.5% in the second quarter. PNC Financial Services Group Inc. now owns 921 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 721 shares during the period. Wells Fargo & Company MN lifted its holdings in Marathon Digital by 56.3% in the second quarter. Wells Fargo & Company MN now owns 1,307 shares of the business services provider’s stock valued at $41,000 after acquiring an additional 471 shares during the period. Macquarie Group Ltd. acquired a new stake in Marathon Digital in the second quarter valued at $43,000. Finally, NEXT Financial Group Inc lifted its holdings in Marathon Digital by 63.4% in the second quarter. NEXT Financial Group Inc now owns 1,389 shares of the business services provider’s stock valued at $44,000 after acquiring an additional 539 shares during the period. 35.44% of the stock is owned by institutional investors.

Marathon Digital Company Profile (NASDAQ:MARA)

Marathon Digital Holdings, Inc is a digital asset technology company, which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The company was founded on February 23, 2010 and is headquartered in Las Vegas, NV.

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