Marathon Digital (NASDAQ:MARA) Shares Up 11.2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares traded up 11.2% during 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.

Analysts Set New Price Targets

Several research firms have weighed in on MARA. HC Wainwright reissued a "buy" rating and issued a $35.00 price target on shares of Marathon Digital in a report on Tuesday, March 19th. StockNews.com raised Marathon Digital from a "sell" rating to a "hold" rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their target price on Marathon Digital from $16.00 to $16.50 and gave the stock an "underweight" rating in a report on Wednesday, April 10th. Chardan Capital boosted their target price on shares of Marathon Digital from $26.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday, March 4th. Finally, BTIG Research raised shares of Marathon Digital from a "neutral" rating to a "buy" rating and set a $27.00 price target on the stock in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $21.11.

Marathon Digital Price Performance

The company's 50-day moving average is $20.19 and its 200-day moving average is $18.27. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 23.20 and a beta of 5.38. The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA - Get Free Report) last issued its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.07). The business had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. Equities research analysts predict that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in MARA. Vanguard Group Inc. lifted its stake in shares of Marathon Digital by 26.7% in 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 during the period. Charles Schwab Investment Management Inc. raised its stake in Marathon Digital by 29.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider's stock worth $42,840,000 after buying an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Marathon Digital by 29.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider's stock valued at $30,429,000 after buying an additional 296,776 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Marathon Digital by 13.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider's stock valued at $18,638,000 after purchasing an additional 95,946 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Marathon Digital by 22.1% in the 4th quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider's stock valued at $15,499,000 after purchasing an additional 119,470 shares during the period. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.

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