Marathon Digital (NASDAQ:MARA) Trading Up 11.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 11.4% during mid-day trading on Thursday . The stock traded as high as $24.62 and last traded at $24.59. Approximately 34,301,542 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 81,815,438 shares. The stock had previously closed at $22.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Chardan Capital lifted their price objective on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, March 4th. StockNews.com raised shares of Marathon Digital from a “sell” rating to a “hold” rating in a report on Friday, March 8th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Marathon Digital in a research note on Tuesday, March 19th. Finally, 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 note on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.47.

Marathon Digital Stock Up 2.3 %

The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20. The stock has a market cap of $6.04 billion, a P/E ratio of 29.27 and a beta of 5.39. The stock’s 50-day moving average is $21.73 and its 200-day moving average is $16.44.

Marathon Digital (NASDAQ:MARA) last announced its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). The company had revenue of $156.77 million for 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%. As a group, research analysts anticipate that Marathon Digital Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. L2 Asset Management LLC bought a new stake in shares of Marathon Digital during the 3rd quarter valued at about $300,000. SG Americas Securities LLC increased its holdings in Marathon Digital by 203.9% in the 4th quarter. SG Americas Securities LLC now owns 266,176 shares of the business services provider’s stock worth $6,252,000 after acquiring an additional 178,578 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Marathon Digital by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,593 shares of the business services provider’s stock valued at $12,016,000 after purchasing an additional 69,705 shares during the period. Geode Capital Management LLC raised its holdings in Marathon Digital by 41.1% during the 2nd quarter. Geode Capital Management LLC now owns 3,705,238 shares of the business services provider’s stock valued at $51,360,000 after acquiring an additional 1,080,124 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Marathon Digital by 14.8% during the 3rd quarter. Van ECK Associates Corp now owns 540,313 shares of the business services provider’s stock worth $4,593,000 after purchasing an additional 69,753 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.

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.