Marathon Digital (NASDAQ:MARA) Shares Gap Up Following Analyst Upgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares gapped up prior to trading on Wednesday after B. Riley raised their price target on the stock from $54.00 to $87.00. The stock had previously closed at $34.68, but opened at $36.01. B. Riley currently has a buy rating on the stock. Marathon Digital shares last traded at $35.75, with a volume of 25,583 shares trading hands.

Several other analysts have also issued reports on MARA. Compass Point assumed coverage on shares of Marathon Digital in a research report on Monday, June 21st. They set a “buy” rating and a $40.00 price target for the company. Zacks Investment Research lowered shares of Marathon Digital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 1st.

Several institutional investors have recently bought and sold shares of MARA. IFP Advisors Inc boosted its holdings in shares of Marathon Digital by 69.6% during the first quarter. IFP Advisors Inc now owns 1,114 shares of the business services provider’s stock worth $52,000 after purchasing an additional 457 shares during the period. Institutional & Family Asset Management LLC purchased a new stake in shares of Marathon Digital during the first quarter worth about $31,000. Alliancebernstein L.P. purchased a new stake in shares of Marathon Digital during the first quarter worth about $291,000. Legacy Wealth Planning LLC purchased a new stake in shares of Marathon Digital during the first quarter worth about $192,000. Finally, Bank of Nova Scotia purchased a new stake in shares of Marathon Digital during the first quarter worth about $6,288,000. Institutional investors own 35.44% of the company’s stock.

The stock’s fifty day moving average price is $32.34 and its two-hundred day moving average price is $33.03. The company has a market capitalization of $3.56 billion, a PE ratio of -91.26 and a beta of 4.54.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Thursday, August 12th. The business services provider reported ($1.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($1.25). Marathon Digital had a negative return on equity of 2.25% and a negative net margin of 78.08%. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

About Marathon Digital (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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