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. Compass Point began 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. Zacks Investment Research upgraded shares of Marathon Digital from a “hold” rating to a “strong-buy” rating and set a $42.00 target price on the stock in a research report on Friday, September 17th. Finally, 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.

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.

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Marathon Digital by 19.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,015,644 shares of the business services provider’s stock valued at $282,821,000 after buying an additional 1,460,879 shares during the last quarter. BlackRock Inc. lifted its holdings in Marathon Digital by 322.6% in the second quarter. BlackRock Inc. now owns 6,687,937 shares of the business services provider’s stock valued at $209,801,000 after acquiring an additional 5,105,351 shares during the period. State Street Corp lifted its holdings in Marathon Digital by 1,782.6% in the second quarter. State Street Corp now owns 2,246,983 shares of the business services provider’s stock valued at $70,488,000 after acquiring an additional 2,127,625 shares during the period. Renaissance Technologies LLC lifted its holdings in Marathon Digital by 6.4% in the second quarter. Renaissance Technologies LLC now owns 1,668,838 shares of the business services provider’s stock valued at $52,351,000 after acquiring an additional 100,800 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Marathon Digital by 117.5% in the second quarter. Geode Capital Management LLC now owns 1,609,496 shares of the business services provider’s stock valued at $50,489,000 after acquiring an additional 869,479 shares during the period. Hedge funds and other institutional investors own 35.44% of the company’s stock.

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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