Marathon Digital (NASDAQ:MARA) Shares Gap Up to $20.38

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares gapped up prior to trading on Wednesday . The stock had previously closed at $20.38, but opened at $21.05. Marathon Digital shares last traded at $20.66, with a volume of 11,258,940 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MARA shares. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Marathon Digital in a research note on Tuesday, March 19th. Chardan Capital boosted their target price on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. StockNews.com upgraded Marathon Digital from a “sell” rating to a “hold” rating in a report on Friday, March 8th. Finally, BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.47.

Marathon Digital Stock Performance

The stock has a market cap of $6.04 billion, a P/E ratio of 26.88 and a beta of 5.39. The company has a 50 day simple moving average of $21.86 and a 200-day simple moving average of $16.48. The company has a debt-to-equity ratio of 0.20, a current ratio of 30.50 and a quick ratio of 30.51.

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). 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 during the quarter, compared to the consensus estimate of $138.15 million. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Trading of Marathon Digital

Hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. grew its position in Marathon Digital by 11.0% during the 2nd quarter. Osaic Holdings Inc. now owns 7,676 shares of the business services provider’s stock worth $116,000 after purchasing an additional 762 shares during the period. Captrust Financial Advisors raised its stake in Marathon Digital by 5.9% during the second quarter. Captrust Financial Advisors now owns 16,738 shares of the business services provider’s stock worth $232,000 after purchasing an additional 928 shares during the period. Intrepid Financial Planning Group LLC raised its stake in Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider’s stock worth $555,000 after purchasing an additional 930 shares during the period. Private Advisor Group LLC raised its stake in shares of Marathon Digital by 6.1% in the 1st quarter. Private Advisor Group LLC now owns 17,709 shares of the business services provider’s stock valued at $495,000 after acquiring an additional 1,015 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Marathon Digital by 17.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,736 shares of the business services provider’s stock valued at $93,000 after acquiring an additional 1,019 shares during the period. 44.53% of the stock is 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.