Marathon Digital (NASDAQ:MARA) Stock Price Down 5.3%

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) fell 5.3% during mid-day trading on Tuesday . The company traded as low as $16.71 and last traded at $17.07. 16,625,529 shares changed hands during trading, a decline of 77% from the average session volume of 71,439,391 shares. The stock had previously closed at $18.03.

Analyst Upgrades and Downgrades

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

Marathon Digital Stock Performance

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 50 day moving average of $20.47 and a 200 day moving average of $18.07. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of 19.51 and a beta of 5.38.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results 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 business had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. As a group, equities research analysts expect that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Versant Capital Management Inc lifted 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 acquiring an additional 1,467 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Marathon Digital in the fourth quarter valued at about $61,000. GAMMA Investing LLC bought a new stake in Marathon Digital in the fourth quarter valued at about $75,000. Xponance Inc. bought a new stake in Marathon Digital in the third quarter valued at about $86,000. Finally, FinTrust Capital Advisors LLC bought a new stake in Marathon Digital in the first quarter valued at about $90,000. Institutional investors and hedge funds 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.