Marathon Digital (NASDAQ:MARA) Shares Gap Down to $19.09

Marathon Digital Holdings, Inc. (NASDAQ:MARA) gapped down before the market opened on Thursday . The stock had previously closed at $19.09, but opened at $17.92. Marathon Digital shares last traded at $18.63, with a volume of 13,688,526 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MARA. HC Wainwright reissued a “buy” rating and set a $35.00 target price on shares of Marathon Digital in a research report on Tuesday, March 19th. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Wednesday, January 17th. Chardan Capital lifted their price target on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.11.

Marathon Digital Stock Up 2.2 %

The firm has a 50 day simple moving average of $20.96 and a two-hundred day simple moving average of $17.81. The company has a market capitalization of $5.20 billion, a PE ratio of 23.13 and a beta of 5.36. The company has a current ratio of 30.50, a quick ratio of 30.51 and a debt-to-equity ratio of 0.20.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.07). Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. The company had revenue of $156.77 million during the quarter, compared to analysts’ expectations of $138.15 million. Research analysts expect that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Marathon Digital by 26.7% in the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock valued at $551,395,000 after buying an additional 4,950,392 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Marathon Digital by 29.0% in the fourth 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Marathon Digital by 29.7% in the fourth 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 in the last quarter. Exchange Traded Concepts LLC boosted 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 in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Marathon Digital by 22.1% in the fourth quarter. Van ECK Associates Corp now owns 659,783 shares of the business services provider’s stock valued at $15,499,000 after buying an additional 119,470 shares in the last quarter. 44.53% of the stock is currently owned by hedge funds and other 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.