Marathon Digital (NASDAQ:MARA) Shares Up 1.8%

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) rose 1.8% during trading on Tuesday . The company traded as high as $16.45 and last traded at $16.16. Approximately 9,418,273 shares were traded during trading, a decline of 83% from the average daily volume of 56,011,633 shares. The stock had previously closed at $15.87.

Analyst Upgrades and Downgrades

MARA has been the subject of several recent analyst reports. B. Riley raised their price objective on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, July 12th. JPMorgan Chase & Co. decreased their price target on Marathon Digital from $14.00 to $12.00 and set an "underweight" rating for the company in a research note on Friday, August 23rd. Finally, HC Wainwright restated a "buy" rating and set a $27.00 price objective on shares of Marathon Digital in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $19.22.

Marathon Digital Stock Performance

The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.13. The firm's 50 day moving average is $18.19 and its two-hundred day moving average is $19.20. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 7.38 and a beta of 5.51.

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

Hedge Funds Weigh In On Marathon Digital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in Marathon Digital by 57.2% in the 4th quarter. Victory Capital Management Inc. now owns 29,204 shares of the business services provider's stock valued at $686,000 after purchasing an additional 10,627 shares during the last quarter. Natixis Advisors L.P. acquired a new position in shares of Marathon Digital during the fourth quarter worth approximately $296,000. Charles Schwab Investment Management Inc. grew its holdings 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 in the last quarter. Principal Financial Group Inc. increased its position in Marathon Digital by 38.5% in the 4th quarter. Principal Financial Group Inc. now owns 24,607 shares of the business services provider's stock valued at $578,000 after acquiring an additional 6,836 shares during the period. Finally, Kingsview Wealth Management LLC bought a new stake in Marathon Digital during the 4th quarter valued at $297,000. 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.