Marathon Digital (NASDAQ:MARA) Shares Gap Up to $5.37

Marathon Digital Holdings, Inc. (NASDAQ:MARAGet Rating)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $5.37, but opened at $5.72. Marathon Digital shares last traded at $5.41, with a volume of 259,610 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. B. Riley reduced their target price on Marathon Digital from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, October 7th. Compass Point reduced their target price on Marathon Digital from $30.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, October 25th. Jefferies Financial Group downgraded Marathon Digital from a “buy” rating to a “hold” rating and cut their price objective for the company from $12.50 to $4.00 in a report on Monday, January 9th. DA Davidson cut their price objective on Marathon Digital from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday. Finally, HC Wainwright cut their price objective on Marathon Digital from $35.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, November 9th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.11.

Marathon Digital Trading Up 9.2 %

The company has a fifty day simple moving average of $5.83 and a two-hundred day simple moving average of $9.59. The company has a current ratio of 5.27, a quick ratio of 5.27 and a debt-to-equity ratio of 1.25. The company has a market cap of $897.10 million, a PE ratio of -3.16 and a beta of 4.71.

Marathon Digital (NASDAQ:MARAGet Rating) last issued its quarterly earnings results on Tuesday, November 8th. The business services provider reported ($0.36) earnings per share for the quarter, hitting the consensus estimate of ($0.36). Marathon Digital had a negative return on equity of 12.44% and a negative net margin of 179.46%. The company had revenue of $12.69 million for the quarter, compared to the consensus estimate of $35.43 million. Analysts anticipate that Marathon Digital Holdings, Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In related news, Director Douglas K. Mellinger purchased 10,000 shares of the business’s stock in a transaction on Monday, December 19th. The shares were bought at an average price of $3.84 per share, for a total transaction of $38,400.00. Following the acquisition, the director now directly owns 18,771 shares in the company, valued at $72,080.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marathon Digital news, Director Kevin A. Denuccio acquired 70,000 shares of the stock in a transaction dated Tuesday, December 13th. The stock was acquired at an average cost of $4.84 per share, with a total value of $338,800.00. Following the transaction, the director now owns 175,000 shares in the company, valued at approximately $847,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas K. Mellinger acquired 10,000 shares of the stock in a transaction dated Monday, December 19th. The shares were acquired at an average cost of $3.84 per share, with a total value of $38,400.00. Following the completion of the transaction, the director now owns 18,771 shares in the company, valued at approximately $72,080.64. The disclosure for this purchase can be found here. Insiders have purchased a total of 95,000 shares of company stock worth $429,000 in the last quarter. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. CI Investments Inc. acquired a new stake in shares of Marathon Digital in the 2nd quarter valued at about $25,000. Macquarie Group Ltd. boosted its position in shares of Marathon Digital by 96.8% in the 2nd quarter. Macquarie Group Ltd. now owns 5,369 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 2,641 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Marathon Digital in the 1st quarter valued at about $37,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Marathon Digital in the 1st quarter valued at about $41,000. Finally, FMR LLC boosted its position in shares of Marathon Digital by 71.2% in the 2nd quarter. FMR LLC now owns 7,932 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 3,298 shares during the period. 39.88% of the stock is owned by institutional investors and hedge funds.

About Marathon Digital

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Marathon Digital Holdings, Inc operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund.

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