Marathon Digital (NASDAQ:MARA) Price Target Lowered to $21.00 at Chardan Capital

Marathon Digital (NASDAQ:MARA) had its price target cut by equities researchers at Chardan Capital from $30.00 to $21.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. Chardan Capital’s price objective points to a potential upside of 7.09% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Wednesday, January 17th. JPMorgan Chase & Co. increased their price target on shares of Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a report on Wednesday, April 10th. StockNews.com raised shares of Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Marathon Digital in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.83.

Marathon Digital Stock Performance

Shares of MARA stock opened at $19.61 on Wednesday. Marathon Digital has a one year low of $7.16 and a one year high of $34.09. 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 firm’s 50 day moving average price is $19.82 and its 200-day moving average price is $18.45. The firm has a market cap of $5.35 billion, a P/E ratio of 24.06 and a beta of 5.38.

Marathon Digital (NASDAQ:MARA) last posted 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 net margin of 48.93% and a negative return on equity of 4.61%. The firm had revenue of $156.77 million during the quarter, compared to analysts’ expectations of $138.15 million. As a group, equities research analysts predict that Marathon Digital will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently bought and sold shares of MARA. Vanguard Group Inc. lifted its stake in shares of 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 worth $551,395,000 after acquiring an additional 4,950,392 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Marathon Digital by 29.0% in the 4th 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Marathon Digital by 29.7% during the 4th 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 buying an additional 296,776 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Marathon Digital by 13.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock worth $18,638,000 after buying an additional 95,946 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of 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 worth $15,499,000 after buying an additional 119,470 shares during the last quarter. 44.53% of the stock is 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.