Why Bitcoin Miners Marathon Digital, Riot Platforms Stock Are Up Today
Portfolio Pulse from Erica Kollmann
Shares of Bitcoin miners Marathon Digital Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT) are trading higher as Bitcoin surpasses $51,000, approaching $52,000. The rise is attributed to Bitcoin reclaiming $1 trillion in market cap, approval of Bitcoin ETFs, institutional purchases, and anticipation of the Bitcoin halving event. Needham analyst John Todaro maintained a Buy rating on RIOT but lowered the price target from $19 to $18.
February 14, 2024 | 4:09 pm
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Marathon Digital Holdings, Inc. (MARA) shares are up 11% at $28.57, driven by the surge in Bitcoin's price above $51,000 and anticipation of the Bitcoin halving event.
The increase in MARA's stock price is directly linked to the rise in Bitcoin's price, as MARA's business performance is closely tied to the cryptocurrency's market dynamics. The anticipation of the Bitcoin halving event also plays a significant role in investor sentiment.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Riot Platforms, Inc. (RIOT) shares are up 8.65% at $16.78, buoyed by Bitcoin's price movement and a Buy rating from Needham, despite a lowered price target from $19 to $18.
RIOT's stock price increase is influenced by the positive momentum in Bitcoin's price and the recent analyst rating. Although the price target was lowered, the maintained Buy rating indicates continued confidence in RIOT's prospects.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90