Marathon Digital (NASDAQ:MARA) Trading Up 7.7%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price rose 7.7% during mid-day trading on Tuesday . The company traded as high as $19.47 and last traded at $18.91. Approximately 27,857,472 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 73,246,164 shares. The stock had previously closed at $17.55.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. BTIG Research raised shares of 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. JPMorgan Chase & Co. upped their price target on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research report on Wednesday, April 10th. Chardan Capital lifted their price objective 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 cut Marathon Digital from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a research report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.11.

Marathon Digital Stock Up 11.9 %

The stock has a market capitalization of $5.25 billion, a PE ratio of 22.51 and a beta of 5.37. The stock’s 50-day moving average price is $21.60 and its two-hundred day moving average price is $17.64. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50.

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 analysts’ consensus estimates 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 business had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. As a group, analysts expect that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wealthstar Advisors LLC bought a new stake in Marathon Digital during the 1st quarter valued at about $248,000. United Capital Management of KS Inc. lifted its position in Marathon Digital by 49.9% in the 1st quarter. United Capital Management of KS Inc. now owns 19,088 shares of the business services provider’s stock valued at $431,000 after acquiring an additional 6,350 shares in the last quarter. Diversified Trust Co boosted its stake in Marathon Digital by 27.4% during the 1st quarter. Diversified Trust Co now owns 38,355 shares of the business services provider’s stock valued at $866,000 after purchasing an additional 8,255 shares during the last quarter. SteelPeak Wealth LLC purchased a new position in shares of Marathon Digital in the first quarter worth $624,000. Finally, Pasadena Private Wealth LLC boosted its position in shares of Marathon Digital by 25.2% during the first quarter. Pasadena Private Wealth LLC now owns 12,609 shares of the business services provider’s stock valued at $285,000 after buying an additional 2,537 shares during 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.