S&P 500   4,471.37
DOW   35,294.76
QQQ   368.94
S&P 500   4,471.37
DOW   35,294.76
QQQ   368.94
S&P 500   4,471.37
DOW   35,294.76
QQQ   368.94
S&P 500   4,471.37
DOW   35,294.76
QQQ   368.94

Marathon Digital (NASDAQ:MARA) Upgraded to "Strong-Buy" at Zacks Investment Research

Last updated on Friday, September 17, 2021 | 2021 MarketBeat

Marathon Digital (NASDAQ:MARA) was upgraded by Zacks Investment Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Friday, Zacks.com reports. The firm currently has a $42.00 price target on the business services provider's stock. Zacks Investment Research's target price would suggest a potential upside of 17.19% from the stock's previous close.

According to Zacks, "Marathon Digital Holdings is a digital asset technology company which mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings, formerly known as Marathon Patent Group Inc., is based in LAS VEGAS. "

Other research analysts have also recently issued reports about the company. Compass Point started coverage on Marathon Digital in a research report on Monday, June 21st. They set a "buy" rating and a $40.00 price target for the company. B. Riley increased their price target on Marathon Digital from $54.00 to $87.00 and gave the company a "buy" rating in a research report on Wednesday.

Shares of NASDAQ:MARA traded down $0.50 during mid-day trading on Friday, reaching $35.84. 6,070,469 shares of the stock were exchanged, compared to its average volume of 20,739,434. The company has a market cap of $3.57 billion, a P/E ratio of -94.31 and a beta of 4.54. Marathon Digital has a one year low of $1.48 and a one year high of $57.75. The stock's 50 day simple moving average is $32.68 and its 200-day simple moving average is $33.08.

Marathon Digital (NASDAQ:MARA) last posted its quarterly earnings data on Thursday, August 12th. The business services provider reported ($1.09) earnings per share (EPS) for the quarter, missing the Zacks' 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%. As a group, research analysts forecast that Marathon Digital will post 1.22 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its holdings in Marathon Digital by 69.6% during the 1st quarter. IFP Advisors Inc now owns 1,114 shares of the business services provider's stock worth $52,000 after purchasing an additional 457 shares during the last quarter. Wells Fargo & Company MN lifted its holdings 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 during the last quarter. Clearstead Advisors LLC lifted its holdings in Marathon Digital by 12.7% during the 2nd quarter. Clearstead Advisors LLC now owns 4,430 shares of the business services provider's stock worth $139,000 after purchasing an additional 500 shares during the last quarter. NEXT Financial Group Inc lifted its holdings 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 during the last quarter. Finally, Institutional & Family Asset Management LLC acquired a new stake in Marathon Digital during the 1st quarter worth approximately $31,000. 35.44% of the stock is owned by institutional investors and hedge funds.

About Marathon Digital

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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