Marathon Digital (NASDAQ:MARA) Stock Price Down 1.7% Following Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) shares fell 1.7% during trading on Wednesday after Chardan Capital lowered their price target on the stock from $30.00 to $21.00. Chardan Capital currently has a neutral rating on the stock. Marathon Digital traded as low as $18.77 and last traded at $19.87. 17,245,537 shares were traded during trading, a decline of 75% from the average session volume of 70,340,484 shares. The stock had previously closed at $20.21.

Several other analysts also recently weighed in on the company. StockNews.com upgraded Marathon Digital from a "sell" rating to a "hold" rating in a research report on Tuesday, April 23rd. BTIG Research upgraded shares of Marathon Digital from a "neutral" rating to a "buy" rating and set a $27.00 target price on the stock in a research note on Wednesday, January 17th. HC Wainwright reaffirmed a "buy" rating and set a $35.00 price target on shares of Marathon Digital in a research note on Tuesday, March 19th. Finally, JPMorgan Chase & Co. increased their price objective on Marathon Digital from $16.00 to $16.50 and gave the stock an "underweight" rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $19.83.

Institutional Investors Weigh In On Marathon Digital

A number of institutional investors have recently added to or reduced their stakes in MARA. Vanguard Group Inc. lifted 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 valued at $551,395,000 after buying an additional 4,950,392 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new stake in Marathon Digital during the fourth quarter valued at approximately $11,531,000. Charles Schwab Investment Management Inc. boosted its stake in Marathon Digital by 29.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,823,739 shares of the business services provider's stock valued at $42,840,000 after acquiring an additional 410,146 shares in the last quarter. Barclays PLC grew its holdings in Marathon Digital by 159.2% in the third quarter. Barclays PLC now owns 120,173 shares of the business services provider's stock worth $1,021,000 after purchasing an additional 323,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Marathon Digital by 29.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,295,391 shares of the business services provider's stock worth $30,429,000 after purchasing an additional 296,776 shares in the last quarter. Institutional investors own 44.53% of the company's stock.

Marathon Digital Stock Performance

The firm has a fifty day moving average price of $19.60 and a 200 day moving average price of $18.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50. The stock has a market cap of $5.48 billion, a PE ratio of 23.92 and a beta of 5.38.

Marathon Digital (NASDAQ:MARA - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) 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 analysts' expectations of $138.15 million. Research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Marathon Digital Company Profile

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.