Marathon Digital Holdings, Inc. (NASDAQ:MARA) Receives Consensus Rating of "Hold" from Analysts
Marathon Digital Holdings, Inc. (NASDAQ:MARA) has received a consensus rating of "Hold" from analysts, with seven brokerages covering the stock. The average 12-month price target is reported at $32.22. Recently, JPMorgan reduced its price target, while Needham maintained a "hold" rating. Shares of MARA have shown significant volatility, currently trading around $26.69, and the company reported a quarterly revenue increase of 77.5%. Institutional investors have increased their stakes significantly, owning 44.53% of shares.
Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report) has received an average recommendation of "Hold" from the seven brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $19.22.
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A number of equities research analysts have issued reports on MARA shares. JPMorgan Chase & Co. cut their price target on Marathon Digital from $14.00 to $12.00 and set an "underweight" rating for the company in a research note on Friday. Needham & Company LLC reissued a "hold" rating on shares of Marathon Digital in a research note on Friday, May 10th. HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of Marathon Digital in a research note on Thursday, June 20th. StockNews.com cut shares of Marathon Digital from a "hold" rating to a "sell" rating in a research report on Thursday, May 9th. Finally, B. Riley upped their target price 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.
Read Our Latest Stock Analysis on MARA
Marathon Digital Trading Up 10.9 %
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Shares of NASDAQ:MARA opened at $18.69 on Friday. Marathon Digital has a 52-week low of $7.16 and a 52-week high of $34.09. The stock has a market capitalization of $5.29 billion, a price-to-earnings ratio of 8.69 and a beta of 5.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 23.07 and a current ratio of 23.07. The stock's 50-day simple moving average is $19.56 and its two-hundred day simple moving average is $20.35.
Marathon Digital (NASDAQ:MARA - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The business services provider reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.49). Marathon Digital had a negative return on equity of 5.86% and a net margin of 62.57%. The company had revenue of $145.14 million during the quarter, compared to the consensus estimate of $157.86 million. During the same period last year, the business earned ($0.13) EPS. The firm's quarterly revenue was up 77.5% compared to the same quarter last year. Analysts expect that Marathon Digital will post -1.11 EPS for the current year.
Insider Activity at Marathon Digital
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In other news, Director Said Ouissal sold 10,217 shares of the business's stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $20.50, for a total value of $209,448.50. Following the sale, the director now directly owns 60,046 shares in the company, valued at approximately $1,230,943. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.11% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Marathon Digital
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Marathon Digital by 26.7% in the fourth quarter. Vanguard Group Inc. now owns 23,473,587 shares of the business services provider's stock valued at $551,395,000 after acquiring an additional 4,950,392 shares during the period. Dimensional Fund Advisors LP raised its position in Marathon Digital by 261.1% in 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 purchasing an additional 2,340,472 shares during the period. Bank of New York Mellon Corp raised its position in Marathon Digital by 186.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,039,569 shares of the business services provider's stock worth $40,485,000 after purchasing an additional 1,327,969 shares during the period. Principal Financial Group Inc. lifted its stake 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 worth $26,892,000 after purchasing an additional 1,324,625 shares during the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in shares of Marathon Digital during the second quarter valued at approximately $11,920,000. Institutional investors own 44.53% of the company's stock.
About Marathon Digital
(Get Free ReportMarathon 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.
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