Marathon Digital (NASDAQ:MARA) Trading Up 1.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 1.6% during trading on Thursday . The stock traded as high as $21.04 and last traded at $21.00. Approximately 13,722,830 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 61,795,738 shares. The stock had previously closed at $20.67.

Wall Street Analysts Forecast Growth

MARA has been the subject of several research reports. Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. B. Riley lifted their target price on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. lowered their target price on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. Finally, Chardan Capital reduced their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.61.

Marathon Digital Trading Up 0.5 %

The company has a fifty day simple moving average of $20.80 and a two-hundred day simple moving average of $20.54. The company has a quick ratio of 23.07, a current ratio of 23.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.87 billion, a P/E ratio of 9.77 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last released its earnings results on Thursday, May 9th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The company had revenue of $165.20 million during the quarter, compared to analyst estimates of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. On average, sell-side analysts expect that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Said Ouissal sold 10,217 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the transaction, the director now owns 60,046 shares of the company’s stock, valued at $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Beaird Harris Wealth Management LLC grew its position in Marathon Digital by 121.1% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 695 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Marathon Digital during the fourth quarter valued at about $61,000. GAMMA Investing LLC acquired a new position in shares of Marathon Digital in the fourth quarter worth approximately $75,000. FinTrust Capital Advisors LLC acquired a new position in shares of Marathon Digital in the first quarter worth approximately $90,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Marathon Digital in the first quarter worth approximately $105,000. 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.