Marathon Digital (NASDAQ:MARA) Trading Down 4.6%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) traded down 4.6% during trading on Tuesday . The company traded as low as $15.80 and last traded at $15.94. 9,523,540 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 57,538,012 shares. The stock had previously closed at $16.70.

Wall Street Analyst Weigh In

MARA has been the subject of a number of research reports. StockNews.com cut shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Marathon Digital in a report on Thursday, June 20th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research note on Friday, May 10th. B. Riley boosted their price objective on Marathon Digital from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Marathon Digital from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.22.

Marathon Digital Stock Down 7.0 %

The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $18.96 and a two-hundred day simple moving average of $19.85. The company has a market capitalization of $3.91 billion, a PE ratio of 6.44 and a beta of 5.56.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The firm had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. During the same period in the prior year, the firm posted ($0.13) earnings per share. The business’s quarterly revenue was up 77.5% compared to the same quarter last year. Research analysts expect that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its position in shares of Marathon Digital by 7.7% during the 1st quarter. Global Retirement Partners LLC now owns 9,152 shares of the business services provider’s stock valued at $207,000 after acquiring an additional 658 shares during the period. Beaird Harris Wealth Management LLC raised its holdings in Marathon Digital by 121.1% during the first quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider’s stock worth $29,000 after purchasing an additional 695 shares during the last quarter. Ranch Capital Advisors Inc. grew its holdings in Marathon Digital by 6.1% in the second quarter. Ranch Capital Advisors Inc. now owns 13,532 shares of the business services provider’s stock valued at $269,000 after purchasing an additional 780 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Marathon Digital by 4.1% in the first quarter. Ameritas Investment Partners Inc. now owns 22,359 shares of the business services provider’s stock valued at $505,000 after buying an additional 881 shares in the last quarter. Finally, Intrepid Financial Planning Group LLC raised its stake in shares of Marathon Digital by 4.1% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock worth $555,000 after buying an additional 930 shares during the last quarter. Hedge funds and other 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.