Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s share price dropped 8.3% during mid-day trading on Friday after HC Wainwright lowered their price target on the stock from $35.00 to $27.00. HC Wainwright currently has a buy rating on the stock. Marathon Digital traded as low as $17.82 and last traded at $18.01. Approximately 26,423,567 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 69,830,609 shares. The stock had previously closed at $19.65.
Several other brokerages also recently issued reports on MARA. BTIG Research upgraded Marathon Digital from a "neutral" rating to a "buy" rating and set a $27.00 price objective for the company in a research report on Wednesday, January 17th. B. Riley lowered their target price on shares of Marathon Digital from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Friday. Needham & Company LLC reiterated a "hold" rating on shares of Marathon Digital in a report on Friday. Chardan Capital dropped their target price on Marathon Digital from $30.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, StockNews.com cut Marathon Digital from a "hold" rating to a "sell" rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $19.69.
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Institutional Investors Weigh In On Marathon Digital
A number of large investors have recently made changes to their positions in MARA. Vanguard Group Inc. boosted its position in shares of Marathon Digital by 1.9% in the first quarter. Vanguard Group Inc. now owns 23,915,042 shares of the business services provider's stock worth $540,002,000 after buying an additional 441,455 shares during the period. Charles Schwab Investment Management Inc. increased its position in Marathon Digital by 29.0% in the 4th 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 period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Marathon Digital by 29.7% during the 4th 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 during the period. Exchange Traded Concepts LLC lifted its stake in shares of Marathon Digital by 13.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider's stock valued at $18,638,000 after buying an additional 95,946 shares during the period. Finally, Van ECK Associates Corp grew its position in Marathon Digital by 22.1% during the fourth quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider's stock worth $15,499,000 after buying an additional 119,470 shares in the last quarter. Institutional investors and hedge funds own 44.53% of the company's stock.
Marathon Digital Stock Down 12.7 %
The firm has a 50 day moving average of $19.48 and a 200-day moving average of $18.47. The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51. The stock has a market capitalization of $4.68 billion, a P/E ratio of 20.79 and a beta of 5.38.
Marathon Digital (NASDAQ:MARA - Get Free Report) last issued its 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). The firm 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%. On average, equities research analysts expect that Marathon Digital Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.
About Marathon Digital
(
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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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