Marathon Digital (NASDAQ:MARA) Shares Up 2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price shot up 2% during trading on Thursday . The company traded as high as $16.95 and last traded at $16.39. 12,380,103 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 70,649,719 shares. The stock had previously closed at $16.07.

Wall Street Analyst Weigh In

A number of research analysts have commented on MARA shares. JPMorgan Chase & Co. lifted their target price on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research report on Wednesday, April 10th. HC Wainwright reiterated a “buy” rating and set a $35.00 price objective on shares of Marathon Digital in a research note on Tuesday, March 19th. Chardan Capital raised their price target on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Finally, 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. One investment 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.com, Marathon Digital currently has a consensus rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Stock Up 2.6 %

The business’s 50 day moving average is $20.19 and its 200 day moving average is $18.13. 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 $4.78 billion, a price-to-earnings ratio of 20.86 and a beta of 5.38.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results 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). Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. The business had revenue of $156.77 million for the quarter, compared to analyst estimates of $138.15 million. Equities analysts expect that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its stake in Marathon Digital by 752.3% in the 4th 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. Harvest Fund Management Co. Ltd bought a new stake in Marathon Digital in the 4th quarter valued at $61,000. GAMMA Investing LLC bought a new position in Marathon Digital during the fourth quarter valued at about $75,000. Xponance Inc. acquired a new stake in Marathon Digital during the third quarter worth $86,000. Finally, FinTrust Capital Advisors LLC bought a new stake in Marathon Digital in the first quarter valued at about $90,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.