What's Going On With Bitcoin Miners Marathon Digital And Riot Platforms Stock?
Portfolio Pulse from Erica Kollmann
Marathon Digital Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT) shares are trading lower due to continued downward momentum and a pullback in Bitcoin. Both companies have seen their shares decline over 35% in the last 30 days, attributed to disappointing Bitcoin production numbers, worse-than-expected earnings, and anticipation of the Bitcoin halving event in April. MARA has an average 1-year price target of $29.20, indicating a potential upside of 60.53%, with bullish ratings from analysts.
March 14, 2024 | 5:47 pm
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NEGATIVE IMPACT
Marathon Digital Holdings, Inc. (MARA) shares are down due to Bitcoin's pullback and disappointing earnings, with a potential upside indicated by a 1-year price target of $29.20.
The decline in MARA's stock price is directly related to the recent pullback in Bitcoin and disappointing earnings. The anticipation of the Bitcoin halving event also contributes to the negative sentiment. However, the bullish analyst ratings and a significant potential upside in the price target suggest a mixed outlook.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Riot Platforms, Inc. (RIOT) shares are trading lower due to the same factors affecting MARA, including the Bitcoin pullback and anticipation of the Bitcoin halving event.
RIOT's stock price is impacted by the broader downturn in the cryptocurrency market, particularly the pullback in Bitcoin, which directly affects the company's mining operations. The upcoming Bitcoin halving event, reducing mining rewards, adds to the negative outlook in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100