Marathon Digital (NASDAQ:MARA) Trading Up 7.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares were up 7.2% on Wednesday . The company traded as high as $35.73 and last traded at $35.64. Approximately 185,457 shares changed hands during trading, a decline of 99% from the average daily volume of 20,592,229 shares. The stock had previously closed at $33.24.

A number of equities research analysts have recently weighed in on MARA shares. B. Riley lifted their price target on Marathon Digital from $54.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, September 15th. Compass Point began coverage on shares of Marathon Digital in a research note on Monday, June 21st. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Marathon Digital from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research note on Friday, September 17th.

The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -92.52 and a beta of 4.54. The company’s 50-day simple moving average is $33.12 and its 200-day simple moving average is $33.06.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings results on Thursday, August 12th. The business services provider reported ($1.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($1.25). Marathon Digital had a negative return on equity of 2.25% and a negative net margin of 78.08%. Sell-side analysts forecast that Marathon Digital Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Paragon Wealth Strategies LLC purchased a new position in Marathon Digital during the 2nd quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its position in Marathon Digital by 360.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 921 shares of the business services provider’s stock worth $29,000 after purchasing an additional 721 shares in the last quarter. Wells Fargo & Company MN grew its position in Marathon Digital by 56.3% during the 2nd quarter. Wells Fargo & Company MN now owns 1,307 shares of the business services provider’s stock worth $41,000 after purchasing an additional 471 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Marathon Digital during the 2nd quarter worth approximately $43,000. Finally, NEXT Financial Group Inc grew its position in Marathon Digital by 63.4% during the 2nd quarter. NEXT Financial Group Inc now owns 1,389 shares of the business services provider’s stock worth $44,000 after purchasing an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 35.44% of the company’s stock.

Marathon Digital Company Profile (NASDAQ:MARA)

Marathon Digital Holdings, Inc is a digital asset technology company, which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The company was founded on February 23, 2010 and is headquartered in Las Vegas, NV.

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