Marathon Digital (NASDAQ:MARA) Shares Down 5%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) dropped 5% during trading on Monday . The stock traded as low as $17.70 and last traded at $18.45. Approximately 17,231,888 shares were traded during trading, a decline of 76% from the average daily volume of 71,819,438 shares. The stock had previously closed at $19.43.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MARA. Chardan Capital lifted their price target on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. StockNews.com raised shares of Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. BTIG Research raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Wednesday, January 17th. JPMorgan Chase & Co. lifted their price objective 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. 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 equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Marathon Digital currently has an average rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Stock Performance

The business has a fifty day simple moving average of $20.61 and a two-hundred day simple moving average of $18.08. 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 company has a market cap of $4.25 billion, a P/E ratio of 19.12 and a beta of 5.36.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Wednesday, February 28th. The business services provider reported ($0.02) EPS 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 company had revenue of $156.77 million during the quarter, compared to the consensus estimate of $138.15 million. On average, sell-side analysts anticipate that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc raised its stake in shares of Marathon Digital by 752.3% in the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock worth $39,000 after buying an additional 1,467 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in Marathon Digital during the 4th quarter valued at approximately $61,000. GAMMA Investing LLC bought a new stake in Marathon Digital during the 4th quarter valued at approximately $75,000. CWM LLC raised its stake in Marathon Digital by 62.5% during the 4th quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock valued at $107,000 after purchasing an additional 1,754 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its stake in Marathon Digital by 307.0% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 8,140 shares of the business services provider’s stock valued at $184,000 after purchasing an additional 6,140 shares during the period. Institutional investors own 44.53% of the company’s stock.

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.