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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