Marathon Digital (NASDAQ:MARA) Shares Down 5%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 5% during mid-day trading on Monday . The company traded as low as $17.70 and last traded at $18.45. Approximately 17,231,888 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 71,819,438 shares. The stock had previously closed at $19.43.

Wall Street Analysts Forecast Growth

MARA has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research note on Wednesday, April 10th. 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 research note on Monday, March 4th. StockNews.com upgraded shares of Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a research report on Tuesday, March 19th. Finally, BTIG Research upgraded shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $21.11.

Marathon Digital Stock Down 1.1 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 19.12 and a beta of 5.36. The firm’s 50-day simple moving average is $20.61 and its two-hundred day simple moving average is $18.08.

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

Institutional Investors Weigh In On Marathon Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Marathon Digital by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock valued at $157,447,000 after purchasing an additional 1,000,225 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Marathon Digital by 29.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider’s stock valued at $30,429,000 after purchasing an additional 296,776 shares during the last quarter. L2 Asset Management LLC bought a new position in Marathon Digital during the 3rd quarter worth approximately $300,000. SG Americas Securities LLC boosted its stake in Marathon Digital by 203.9% during the 4th quarter. SG Americas Securities LLC now owns 266,176 shares of the business services provider’s stock worth $6,252,000 after acquiring an additional 178,578 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in Marathon Digital during the 4th quarter worth approximately $200,000. Institutional investors and hedge funds 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.