Marathon Digital (NASDAQ:MARA) Shares Down 3.6%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) were down 3.6% during mid-day trading on Tuesday . The company traded as low as $21.48 and last traded at $21.52. Approximately 22,875,626 shares traded hands during trading, a decline of 66% from the average daily volume of 68,059,266 shares. The stock had previously closed at $22.32.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MARA shares. Needham & Company LLC reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Chardan Capital cut their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. B. Riley cut their price objective on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, May 10th. HC Wainwright cut their price objective on shares of Marathon Digital from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Finally, 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 report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marathon Digital currently has a consensus rating of “Hold” and an average target price of $19.69.

Marathon Digital Price Performance

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 stock has a market cap of $5.48 billion, a P/E ratio of 9.34 and a beta of 5.38. The company’s 50 day simple moving average is $18.94 and its 200 day simple moving average is $19.19.

Marathon Digital (NASDAQ:MARA) last issued its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.07). Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. The company had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. As a group, equities analysts forecast that Marathon Digital Holdings, Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Marathon Digital

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in Marathon Digital by 4.6% in the third quarter. Bank of New York Mellon Corp now owns 618,550 shares of the business services provider’s stock valued at $5,258,000 after purchasing an additional 27,350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Marathon Digital by 17.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,720 shares of the business services provider’s stock valued at $236,000 after acquiring an additional 4,088 shares during the last quarter. SteelPeak Wealth LLC acquired a new stake in Marathon Digital in the third quarter valued at $299,000. Arizona State Retirement System lifted its stake in Marathon Digital by 3.0% in the third quarter. Arizona State Retirement System now owns 48,395 shares of the business services provider’s stock valued at $411,000 after acquiring an additional 1,419 shares during the last quarter. Finally, Barclays PLC lifted its stake in Marathon Digital by 159.2% in the third quarter. Barclays PLC now owns 120,173 shares of the business services provider’s stock valued at $1,021,000 after acquiring an additional 323,134 shares during the last quarter. Institutional investors 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.