Marathon Digital (NASDAQ:MARA) Trading 11.2% Higher

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price traded up 11.2% during mid-day trading on Monday . The company traded as high as $20.16 and last traded at $19.49. 35,258,658 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 70,118,484 shares. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MARA. Chardan Capital decreased their price target on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday. StockNews.com raised shares of Marathon Digital from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. JPMorgan Chase & Co. upped their target price on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a report on Wednesday, April 10th. Finally, 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 report on Wednesday, January 17th. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.83.

Marathon Digital Stock Performance

The company’s 50-day simple moving average is $19.60 and its 200-day simple moving average is $18.46. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 23.92 and a beta of 5.38. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $138.15 million. Analysts predict that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MARA. Versant Capital Management Inc raised its stake in Marathon Digital by 752.3% during the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 1,467 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in Marathon Digital in the 4th quarter worth about $61,000. GAMMA Investing LLC acquired a new stake in Marathon Digital during the 4th quarter worth about $75,000. Xponance Inc. purchased a new position in Marathon Digital during the 3rd quarter valued at about $86,000. Finally, FinTrust Capital Advisors LLC purchased a new stake in shares of Marathon Digital in the first quarter worth approximately $90,000. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.