Marathon Digital (NASDAQ:MARA) Shares Down 1.7% on Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price fell 1.7% during trading on Wednesday after Chardan Capital lowered their price target on the stock from $30.00 to $21.00. Chardan Capital currently has a neutral rating on the stock. Marathon Digital traded as low as $18.77 and last traded at $19.87. 17,245,537 shares traded hands during trading, a decline of 75% from the average session volume of 70,340,484 shares. The stock had previously closed at $20.21.

A number of other equities research analysts have also recently commented on MARA. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Marathon Digital in a research note on Tuesday, March 19th. JPMorgan Chase & Co. boosted their target price on Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research note on Wednesday, April 10th. StockNews.com raised Marathon Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Finally, BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Marathon Digital has a consensus rating of “Hold” and a consensus price target of $19.83.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. ProShare Advisors LLC raised its holdings in Marathon Digital by 13.3% during the first quarter. ProShare Advisors LLC now owns 41,626 shares of the business services provider’s stock worth $940,000 after acquiring an additional 4,873 shares in the last quarter. Qsemble Capital Management LP bought a new stake in Marathon Digital during the first quarter worth about $759,000. Meeder Asset Management Inc. bought a new stake in Marathon Digital during the first quarter worth about $333,000. Swiss National Bank raised its holdings in Marathon Digital by 5.4% during the first quarter. Swiss National Bank now owns 439,600 shares of the business services provider’s stock worth $9,926,000 after acquiring an additional 22,600 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its holdings in Marathon Digital by 156.4% during the first quarter. ClariVest Asset Management LLC now owns 84,241 shares of the business services provider’s stock worth $1,902,000 after acquiring an additional 51,380 shares in the last quarter. 44.53% of the stock is owned by institutional investors and hedge funds.

Marathon Digital Stock Down 0.6 %

The firm has a market cap of $5.48 billion, a P/E ratio of 23.92 and a beta of 5.38. The company has a quick ratio of 30.51, a current ratio of 30.50 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average of $19.60 and a 200-day moving average of $18.46.

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

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.