Marathon Digital (NASDAQ:MARA) Stock Price Up 10.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Rating) rose 10.8% on Thursday . The stock traded as high as $15.03 and last traded at $14.71. Approximately 217,043 shares traded hands during trading, a decline of 99% from the average daily volume of 27,754,224 shares. The stock had previously closed at $13.28.

Wall Street Analysts Forecast Growth

MARA has been the subject of several research analyst reports. Cowen initiated coverage on Marathon Digital in a report on Friday, June 24th. They set a “market perform” rating and a $7.00 price target for the company. Chardan Capital assumed coverage on Marathon Digital in a report on Friday, June 3rd. They set a “buy” rating and a $19.00 price target for the company. Compass Point lowered their price objective on Marathon Digital from $54.00 to $20.00 in a research note on Tuesday, June 28th. Cowen assumed coverage on Marathon Digital in a research note on Friday, June 24th. They issued a “market perform” rating and a $7.00 price objective for the company. Finally, BTIG Research decreased their price target on Marathon Digital from $50.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, June 3rd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.13.

Marathon Digital Trading Up 5.6 %

The company has a 50 day moving average of $8.94 and a two-hundred day moving average of $17.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 40.00 and a current ratio of 40.00.

Marathon Digital (NASDAQ:MARAGet Rating) last announced its earnings results on Wednesday, May 4th. The business services provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.20). Marathon Digital had a positive return on equity of 19.68% and a negative net margin of 68.64%. The business had revenue of $51.72 million for the quarter, compared to analysts’ expectations of $53.30 million. On average, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kevin A. Denuccio acquired 15,424 shares of the firm’s stock in a transaction dated Thursday, May 12th. The stock was acquired at an average price of $9.63 per share, with a total value of $148,533.12. Following the acquisition, the director now directly owns 99,999 shares in the company, valued at approximately $962,990.37. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently bought and sold shares of the business. Tobam raised its holdings in Marathon Digital by 139.3% in the 1st quarter. Tobam now owns 1,247 shares of the business services provider’s stock worth $35,000 after purchasing an additional 726 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Marathon Digital in the 1st quarter worth about $35,000. Quantbot Technologies LP acquired a new position in Marathon Digital in the 1st quarter worth about $37,000. CWM LLC acquired a new position in Marathon Digital in the 4th quarter worth about $49,000. Finally, Pacer Advisors Inc. acquired a new position in Marathon Digital in the 4th quarter worth about $52,000. Institutional investors and hedge funds own 39.93% of the company’s stock.

About Marathon Digital

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Marathon Digital Holdings, Inc operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund.

Further Reading

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