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

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped 1.7% during trading on Wednesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $18.77 and last traded at $19.87. Approximately 17,245,537 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 70,340,484 shares. The stock had previously closed at $20.21.

Several other research analysts have also recently weighed in on MARA. JPMorgan Chase & Co. upped their price objective on Marathon Digital from $16.00 to $16.50 and gave the stock an “underweight” rating in a research report on Wednesday, April 10th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Marathon Digital in a research note on Tuesday, March 19th. BTIG Research raised shares of 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. Finally, Chardan Capital decreased their target price on shares of Marathon Digital from $30.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Marathon Digital has an average rating of “Hold” and a consensus price target of $19.83.

Institutional Investors Weigh In On Marathon Digital

Institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in Marathon Digital by 752.3% in the 4th quarter. Versant Capital Management Inc now owns 1,662 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 1,467 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Marathon Digital in the fourth quarter valued at about $61,000. GAMMA Investing LLC acquired a new stake in shares of Marathon Digital during the 4th quarter worth approximately $75,000. FinTrust Capital Advisors LLC acquired a new stake in shares of Marathon Digital in the 1st quarter valued at $90,000. Finally, CWM LLC lifted its position in shares of Marathon Digital by 62.5% during the 4th quarter. CWM LLC now owns 4,560 shares of the business services provider’s stock worth $107,000 after buying an additional 1,754 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

Marathon Digital Stock Performance

The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 23.39 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 company has a 50 day simple moving average of $19.48 and a 200 day simple moving average of $18.47.

Marathon Digital (NASDAQ:MARA) last issued 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). The company had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. As a group, equities research analysts forecast that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current year.

Marathon Digital Company Profile

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.