Marathon Digital (NASDAQ:MARA) Shares Down 5%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded down 5% during trading on Monday . The stock traded as low as $17.70 and last traded at $18.45. 17,231,888 shares changed hands during trading, a decline of 76% from the average session volume of 71,819,438 shares. The stock had previously closed at $19.43.

Analyst Ratings Changes

A number of research firms recently issued reports on MARA. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Marathon Digital in a research report on Tuesday, March 19th. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Wednesday, January 17th. JPMorgan Chase & Co. boosted their price target on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research report on Wednesday, April 10th. Finally, Chardan Capital upped their target price on Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Marathon Digital has a consensus rating of “Hold” and an average target price of $21.11.

Marathon Digital Stock Down 8.0 %

The firm has a 50 day simple moving average of $20.96 and a two-hundred day simple moving average of $17.95. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $4.79 billion, a P/E ratio of 21.96 and a beta of 5.37.

Marathon Digital (NASDAQ:MARA) last released its 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 negative return on equity of 4.61% and a net margin of 48.93%. The business had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Marathon Digital by 26.7% in the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after purchasing an additional 4,950,392 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider’s stock valued at $42,840,000 after purchasing an additional 410,146 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Marathon Digital by 29.7% in the fourth 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 period. Exchange Traded Concepts LLC increased its holdings in Marathon Digital by 13.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock valued at $18,638,000 after purchasing an additional 95,946 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Marathon Digital by 22.1% in the fourth quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider’s stock valued at $15,499,000 after purchasing an additional 119,470 shares during the period. 44.53% of the stock is currently owned by institutional investors.

Marathon Digital Company Profile

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.