Marathon Digital (NASDAQ:MARA) Shares Down 4.9%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 4.9% during mid-day trading on Friday . The company traded as low as $16.64 and last traded at $16.73. Approximately 12,614,100 shares changed hands during trading, a decline of 83% from the average daily volume of 76,039,617 shares. The stock had previously closed at $17.60.

Analyst Ratings Changes

Several brokerages have recently commented on MARA. Chardan Capital lifted their price target on shares of Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. 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 research note on Wednesday, January 17th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research note on Friday, March 8th. Finally, JPMorgan Chase & Co. increased their target price on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Stock Down 8.5 %

The company has a market cap of $4.31 billion, a price-to-earnings ratio of 19.18 and a beta of 5.36. The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20. The firm’s fifty day moving average price is $22.21 and its 200-day moving average price is $17.25.

Marathon Digital (NASDAQ:MARA) last posted 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 net margin of 48.93% and a negative return on equity of 4.61%. The business had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. Sell-side analysts predict that Marathon Digital Holdings, Inc. will post 0.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MARA. Vanguard Group Inc. increased its position in shares of Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after acquiring an additional 4,950,392 shares in the last quarter. BlackRock Inc. boosted its stake in Marathon Digital by 6.0% in the 3rd quarter. BlackRock Inc. now owns 7,785,906 shares of the business services provider’s stock worth $83,387,000 after purchasing an additional 439,850 shares during the period. Morgan Stanley boosted its stake in Marathon Digital by 208.7% in the 3rd quarter. Morgan Stanley now owns 6,999,580 shares of the business services provider’s stock worth $59,496,000 after purchasing an additional 4,731,807 shares during the period. State Street Corp increased its holdings in Marathon Digital by 11.2% during the 3rd quarter. State Street Corp now owns 2,682,614 shares of the business services provider’s stock worth $28,731,000 after purchasing an additional 269,351 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Marathon Digital by 9.3% in the first quarter. Geode Capital Management LLC now owns 2,625,114 shares of the business services provider’s stock valued at $22,896,000 after purchasing an additional 224,445 shares in the last quarter. Institutional investors 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.