Marathon Digital (NASDAQ:MARA) Trading 11.4% Higher

Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) rose 11.4% on Thursday . The stock traded as high as $24.62 and last traded at $24.59. Approximately 34,301,542 shares were traded during trading, a decline of 58% from the average daily volume of 81,815,438 shares. The stock had previously closed at $22.07.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Chardan Capital upped their target price on shares of Marathon Digital from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, March 4th. BTIG Research raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Wednesday, January 17th. HC Wainwright reissued a “buy” rating and issued a $35.00 price objective on shares of Marathon Digital in a report on Tuesday, March 19th. Finally, StockNews.com upgraded shares of Marathon Digital from a “sell” rating to a “hold” rating in a research note on Friday, March 8th. One 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.47.

Marathon Digital Stock Up 2.3 %

The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 29.27 and a beta of 5.39. 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 stock has a fifty day moving average of $21.73 and a two-hundred day moving average of $16.44.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The firm had revenue of $156.77 million for the quarter, compared to analysts’ expectations of $138.15 million. Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. As a group, analysts predict that Marathon Digital Holdings, Inc. will post 0.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Marathon Digital

Several hedge funds have recently modified their holdings of the stock. Advisor Group Holdings Inc. raised its position in shares of Marathon Digital by 68.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 7,353 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 2,984 shares in the last quarter. Macquarie Group Ltd. increased 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 worth $29,000 after purchasing an additional 2,641 shares during the last quarter. Smith Anglin Financial LLC acquired a new position in Marathon Digital in the fourth quarter worth about $34,000. Cetera Advisors LLC bought a new stake in Marathon Digital in the fourth quarter valued at about $36,000. Finally, Quantbot Technologies LP acquired a new stake in Marathon Digital during the first quarter valued at approximately $37,000. 44.53% of the stock is currently 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.