Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report) were down 2.8% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $16.50 to $14.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Marathon Digital traded as low as $19.41 and last traded at $19.95. Approximately 23,506,822 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 66,024,586 shares. The stock had previously closed at $20.52.
MARA has been the subject of a number of other research reports. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Marathon Digital in a research report on Tuesday, May 28th. StockNews.com lowered shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Chardan Capital lowered 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. B. Riley cut their price objective on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, May 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.33.
Institutional Trading of Marathon Digital
A number of institutional investors have recently modified their holdings of the company. Arizona State Retirement System increased its position in Marathon Digital by 3.0% during the 3rd quarter. Arizona State Retirement System now owns 48,395 shares of the business services provider’s stock valued at $411,000 after purchasing an additional 1,419 shares during the period. Barclays PLC increased its position in shares of Marathon Digital by 159.2% during the third quarter. Barclays PLC now owns 120,173 shares of the business services provider’s stock valued at $1,021,000 after buying an additional 323,134 shares during the period. Amalgamated Bank lifted its holdings in Marathon Digital by 12.3% in the third quarter. Amalgamated Bank now owns 26,175 shares of the business services provider’s stock worth $222,000 after buying an additional 2,869 shares during the period. Swiss National Bank boosted its position in Marathon Digital by 2.6% during the 3rd quarter. Swiss National Bank now owns 373,700 shares of the business services provider’s stock valued at $3,176,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Marathon Digital by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,593 shares of the business services provider’s stock worth $12,016,000 after acquiring an additional 69,705 shares during the period. 44.53% of the stock is currently owned by hedge funds and other institutional investors.
Marathon Digital Price Performance
The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The stock has a market cap of $5.90 billion, a P/E ratio of 9.28 and a beta of 5.46. The firm has a 50-day moving average price of $18.95 and a 200-day moving average price of $19.95.
Marathon Digital (NASDAQ:MARA – Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.08). The firm had revenue of $165.20 million for the quarter, compared to analysts’ expectations of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. On average, analysts forecast that Marathon Digital Holdings, Inc. will post -0.17 earnings per share for the current fiscal year.
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.