What's Going On With Bitcoin Miner Stocks Thursday?
Portfolio Pulse from Erica Kollmann
Bitcoin mining stocks, including Marathon Digital Holdings, Inc. (MARA), Bitfarms Ltd. (BITF), Cleanspark, Inc. (CLSK), and Riot Platforms, Inc. (RIOT), are experiencing a pullback following a recent rally. The downturn is partly attributed to Marathon Digital's mixed Q4 results and a cooling Bitcoin rally. Despite the mixed results, HC Wainwright & Co. maintained a Buy rating on MARA, raising the price target from $24 to $35.
February 29, 2024 | 6:57 pm
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NEGATIVE IMPACT
Bitfarms Ltd. shares are trading lower, down 10.9%, possibly in reaction to Marathon Digital's mixed results and the overall sector pullback.
Bitfarms Ltd.'s stock decline is likely influenced by the broader downturn in the Bitcoin mining sector, exacerbated by Marathon Digital's mixed earnings report.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Cleanspark, Inc. sees a 10.3% decrease in stock price, aligning with the downturn in the Bitcoin mining sector.
Cleanspark, Inc.'s stock performance is negatively impacted by the overall decline in the Bitcoin mining sector, likely influenced by Marathon Digital's recent earnings report.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital's stock is down over 16% following mixed Q4 results, despite a raised price target from HC Wainwright & Co.
The significant drop in MARA's stock price is directly related to its mixed Q4 earnings report. However, the raised price target by HC Wainwright & Co. indicates underlying confidence in the company's future, potentially mitigating some negative impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Riot Platforms, Inc. experiences an 11% drop in stock price amid a broader pullback in Bitcoin mining stocks.
The decline in Riot Platforms, Inc.'s stock price is part of a wider sector pullback, likely affected by the mixed financial results of Marathon Digital.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80