Marathon Digital (NASDAQ:MARA) Trading Down 6.1%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded down 6.1% on Monday . The company traded as low as $13.67 and last traded at $16.14. 21,211,133 shares changed hands during trading, a decline of 65% from the average session volume of 60,707,941 shares. The stock had previously closed at $17.19.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Chardan Capital decreased their price target on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Marathon Digital in a research report on Thursday, June 20th. B. Riley raised their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.61.

Marathon Digital Trading Down 8.2 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 7.37 and a beta of 5.56. The business’s 50 day simple moving average is $20.39 and its 200 day simple moving average is $20.42.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49). The firm had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. The firm’s revenue was up 77.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.13) EPS. Research analysts anticipate that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current year.

Insider Activity

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now owns 60,046 shares of the company’s stock, valued at $1,230,943. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

Institutional investors have recently modified their holdings of the company. Beaird Harris Wealth Management LLC raised its position in shares of 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 buying an additional 695 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Marathon Digital in the fourth quarter valued at approximately $61,000. GAMMA Investing LLC acquired a new position in shares of Marathon Digital in the fourth quarter valued at approximately $75,000. FinTrust Capital Advisors LLC acquired a new position in shares of Marathon Digital in the first quarter valued at approximately $90,000. Finally, CWM LLC raised its position in shares of Marathon Digital by 62.5% in 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 and hedge funds own 44.53% of the company’s stock.

Marathon Digital Company Profile

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.