Marathon Digital (NASDAQ:MARA) Shares Gap Up to $15.34

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $15.34, but opened at $16.38. Marathon Digital shares last traded at $16.17, with a volume of 6,673,061 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MARA shares. JPMorgan Chase & Co. decreased their price objective on Marathon Digital from $14.00 to $12.00 and set an "underweight" rating on the stock in a report on Friday, August 23rd. B. Riley boosted their price target on Marathon Digital from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Friday, July 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $19.22.

Marathon Digital Stock Performance

The stock has a 50 day moving average price of $18.06 and a two-hundred day moving average price of $19.10. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 7.34 and a beta of 5.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.75 and a quick ratio of 3.75.

Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.49). Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.15%. The company had revenue of $145.14 million during the quarter, compared to analyst estimates of $157.86 million. During the same quarter in the previous year, the business posted ($0.13) EPS. The company's revenue was up 77.5% compared to the same quarter last year. On average, analysts predict that Marathon Digital Holdings, Inc. will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Beaird Harris Wealth Management LLC increased its stake in shares of Marathon Digital by 121.1% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,269 shares of the business services provider's stock valued at $29,000 after buying an additional 695 shares during the period. FinTrust Capital Advisors LLC bought a new stake in Marathon Digital during the 1st quarter worth about $90,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Marathon Digital during the first quarter worth approximately $105,000. GAMMA Investing LLC raised its stake in shares of Marathon Digital by 108.0% during the second quarter. GAMMA Investing LLC now owns 6,865 shares of the business services provider's stock worth $136,000 after buying an additional 3,565 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in Marathon Digital by 1,555.6% in the second quarter. 1832 Asset Management L.P. now owns 8,278 shares of the business services provider's stock valued at $164,000 after acquiring an additional 7,778 shares during the last quarter. Institutional investors and hedge funds own 44.53% of the company's stock.

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.