Marathon Digital (NASDAQ:MARA) Stock Price Down 3%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares traded down 3% during trading on Monday . The stock traded as low as $18.40 and last traded at $18.64. 10,790,970 shares were traded during trading, a decline of 83% from the average session volume of 64,236,957 shares. The stock had previously closed at $19.21.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MARA shares. Chardan Capital dropped their price objective on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. B. Riley cut their price target on Marathon Digital from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. JPMorgan Chase & Co. lowered their price objective on Marathon Digital from $16.50 to $14.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a report on Thursday, June 20th. Finally, StockNews.com lowered shares of Marathon Digital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Marathon Digital Stock Performance

The firm has a market cap of $5.48 billion, a P/E ratio of 9.15 and a beta of 5.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The stock’s 50-day moving average is $19.29 and its 200 day moving average is $20.69.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). The business had revenue of $165.20 million for the quarter, compared to the consensus estimate of $193.89 million. Marathon Digital had a net margin of 106.46% and a negative return on equity of 3.80%. On average, research analysts predict that Marathon Digital Holdings, Inc. will post -0.55 earnings per share for the current year.

Insider Activity at Marathon Digital

In other Marathon Digital news, Director Said Ouissal sold 10,217 shares of Marathon Digital stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now owns 60,046 shares of the company’s stock, valued at approximately $1,230,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marathon Digital

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted 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 purchasing an additional 441,455 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 valued at $42,840,000 after buying an additional 410,146 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Marathon Digital by 29.7% in the 4th 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 last quarter. Exchange Traded Concepts LLC lifted its position in Marathon Digital by 13.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 793,444 shares of the business services provider’s stock worth $18,638,000 after buying an additional 95,946 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Marathon Digital by 22.1% during the 4th 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 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.