Marathon Digital (NASDAQ:MARA) Trading Down 4.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price dropped 4.6% during trading on Thursday . The company traded as low as $17.51 and last traded at $18.22. Approximately 17,116,254 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 72,671,820 shares. The stock had previously closed at $19.09.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Chardan Capital boosted their price objective on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. boosted their price objective on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research report on Wednesday, April 10th. BTIG Research upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Wednesday, January 17th. StockNews.com upgraded shares of Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of Marathon Digital in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51. The firm’s 50 day moving average is $20.96 and its 200 day moving average is $17.81. The firm has a market cap of $5.20 billion, a P/E ratio of 23.13 and a beta of 5.36.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. The business had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. As a group, analysts anticipate that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently bought and sold shares of MARA. Global Retirement Partners LLC grew its holdings in shares of Marathon Digital by 7.7% during the first quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock valued at $207,000 after buying an additional 658 shares during the last quarter. Intrepid Financial Planning Group LLC grew its holdings 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 last quarter. Arizona State Retirement System grew its holdings in shares of Marathon Digital by 3.0% during the third quarter. Arizona State Retirement System now owns 48,395 shares of the business services provider’s stock valued at $411,000 after buying an additional 1,419 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Marathon Digital by 752.3% during the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after buying an additional 1,467 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Marathon Digital by 62.5% during the fourth quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,754 shares during the last quarter. 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.