Marathon Digital (NASDAQ:MARA) Shares Up 6.5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price was up 6.5% during trading on Wednesday . The company traded as high as $21.73 and last traded at $21.71. Approximately 20,811,746 shares were traded during trading, a decline of 75% from the average daily volume of 82,079,750 shares. The stock had previously closed at $20.38.

Analyst Upgrades and Downgrades

MARA has been the subject of a number of research analyst reports. Chardan Capital increased their price objective on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, March 4th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Marathon Digital in a report on Tuesday, March 19th. BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Wednesday, January 17th. Finally, StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.47.

Marathon Digital Price Performance

The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $21.86 and its 200-day moving average price is $16.48. The stock has a market capitalization of $6.04 billion, a PE ratio of 26.88 and a beta of 5.39.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The company had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. On average, equities analysts forecast that Marathon Digital Holdings, Inc. will post 0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MARA. Osaic Holdings Inc. lifted its holdings in shares of Marathon Digital by 11.0% in the 2nd quarter. Osaic Holdings Inc. now owns 7,676 shares of the business services provider’s stock worth $116,000 after acquiring an additional 762 shares during the last quarter. Captrust Financial Advisors lifted its stake in Marathon Digital by 5.9% in the second quarter. Captrust Financial Advisors now owns 16,738 shares of the business services provider’s stock worth $232,000 after purchasing an additional 928 shares during the last quarter. Intrepid Financial Planning Group LLC boosted its position in shares of Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock valued at $555,000 after buying an additional 930 shares during the period. Private Advisor Group LLC grew its stake in shares of Marathon Digital by 6.1% during the first quarter. Private Advisor Group LLC now owns 17,709 shares of the business services provider’s stock valued at $495,000 after buying an additional 1,015 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Marathon Digital by 17.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,736 shares of the business services provider’s stock worth $93,000 after acquiring an additional 1,019 shares during the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.

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.