Marathon Digital (NASDAQ:MARA) Shares Down 5.4%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price dropped 5.4% during trading on Wednesday . The stock traded as low as $20.83 and last traded at $20.92. Approximately 15,930,986 shares traded hands during trading, a decline of 75% from the average daily volume of 63,246,102 shares. The stock had previously closed at $22.12.

Analyst Upgrades and Downgrades

MARA has been the topic of several research analyst reports. Chardan Capital lowered their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. B. Riley reduced their price objective on shares of Marathon Digital from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Marathon Digital in a research report on Thursday, June 20th. Needham & Company LLC restated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. Finally, StockNews.com lowered shares of Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.33.

Marathon Digital Stock Performance

The firm’s fifty day simple moving average is $19.70 and its 200 day simple moving average is $20.84. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 9.73 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07.

Marathon Digital (NASDAQ:MARA) last announced its earnings results on Thursday, May 9th. The business services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.08). Marathon Digital had a negative return on equity of 3.80% and a net margin of 106.46%. The firm had revenue of $165.20 million during the quarter, compared to analyst estimates of $193.89 million. On average, sell-side analysts forecast that Marathon Digital Holdings, Inc. will post -0.55 EPS for the current year.

Insider Buying and Selling

In related news, Director Said Ouissal sold 10,217 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total transaction of $209,448.50. Following the completion of the sale, the director now directly owns 60,046 shares in the company, valued at $1,230,943. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Marathon Digital

Several institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its position in Marathon Digital by 1.9% during the third quarter. Rhumbline Advisers now owns 248,392 shares of the business services provider’s stock valued at $2,111,000 after acquiring an additional 4,616 shares in the last quarter. Kestra Advisory Services LLC raised its position in Marathon Digital by 16.8% during the third quarter. Kestra Advisory Services LLC now owns 12,888 shares of the business services provider’s stock valued at $110,000 after acquiring an additional 1,858 shares in the last quarter. Vanguard Group Inc. raised its position in Marathon Digital by 5.7% during the third quarter. Vanguard Group Inc. now owns 18,523,195 shares of the business services provider’s stock valued at $157,447,000 after acquiring an additional 1,000,225 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Marathon Digital by 13.8% during 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 acquiring an additional 95,946 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in Marathon Digital by 752.3% during the fourth quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 1,467 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.

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.