What's Going On With Shares Of Bitcoin Miner Marathon Digital?
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ:MARA) reported Q2 financial results, missing estimates on both revenue and EPS. The company saw a 314% increase in Bitcoin production, which offset a 14% decrease in average Bitcoin prices. Marathon sold 63% of the Bitcoin it produced in the quarter to fund operating costs. The company ended the quarter with $113.7 million in unrestricted cash and equivalents. HC Wainwright & Co. analyst Kevin Dede reiterated Marathon Digital with a Buy rating and a $20 price target.
August 09, 2023 | 12:31 pm
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NEGATIVE IMPACT
Marathon Digital's Q2 results missed estimates, but the company saw a significant increase in Bitcoin production. The company's stock may be impacted by these results in the short term.
Marathon Digital's Q2 results missed estimates, which could negatively impact the company's stock. However, the company's significant increase in Bitcoin production could offset some of this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Marathon Digital's Q2 results showed a 314% increase in Bitcoin production, which could potentially impact the price of Bitcoin in the short term.
Marathon Digital's increase in Bitcoin production could potentially impact the price of Bitcoin. However, the impact is uncertain due to the many factors that influence Bitcoin's price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 80