Marathon Digital (NASDAQ:MARA) Shares Down 2.8% Following Analyst Downgrade

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s share price was down 2.8% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Marathon Digital traded as low as $17.83 and last traded at $18.17. Approximately 12,131,149 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 58,315,441 shares. The stock had previously closed at $18.69.

A number of other brokerages have also issued reports on MARA. StockNews.com lowered Marathon Digital from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. 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 reiterated a “hold” rating on shares of Marathon Digital in a research report on Friday, May 10th. B. Riley upped their price target on shares of Marathon Digital from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Finally, Chardan Capital lowered their price objective on Marathon Digital from $30.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Marathon Digital presently has an average rating of “Hold” and an average price target of $19.22.

Insider Buying and Selling at Marathon Digital

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Marathon Digital by 26.7% during the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider’s stock worth $551,395,000 after purchasing an additional 4,950,392 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Marathon Digital by 261.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,236,920 shares of the business services provider’s stock worth $64,249,000 after buying an additional 2,340,472 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Marathon Digital by 186.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider’s stock valued at $40,485,000 after buying an additional 1,327,969 shares during the period. Principal Financial Group Inc. lifted its holdings in Marathon Digital by 4,394.8% in the second quarter. Principal Financial Group Inc. now owns 1,354,766 shares of the business services provider’s stock valued at $26,892,000 after acquiring an additional 1,324,625 shares during the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in Marathon Digital in the second quarter worth approximately $11,920,000. Institutional investors and hedge funds own 44.53% of the company’s stock.

Marathon Digital Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 23.07 and a quick ratio of 23.07. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 8.26 and a beta of 5.56. The firm has a 50 day simple moving average of $19.48 and a 200-day simple moving average of $20.31.

Marathon Digital (NASDAQ:MARA) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.49). The company had revenue of $145.14 million during the quarter, compared to analysts’ expectations of $157.86 million. Marathon Digital had a net margin of 62.57% and a negative return on equity of 5.86%. Marathon Digital’s revenue was up 77.5% on a year-over-year basis. During the same period last year, the firm posted ($0.13) earnings per share. As a group, analysts predict that Marathon Digital Holdings, Inc. will post -1.11 EPS for the current fiscal 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.