Why Bitcoin Mining Stock Marathon Digital Is Moving Higher After Hours
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ:MARA) announced an increase in its hash rate target for fiscal-year 2024 from 35-37 EH/s to 50 EH/s, causing its shares to rise 5.15% after hours. The company attributes this ambitious target to its recent acquisitions and current machine orders, stating the growth is fully funded with no need for additional capital. Further details will be provided in its earnings report on May 9, with analysts expecting earnings of 22 cents per share on revenue of $180.69 million.
April 25, 2024 | 9:45 pm
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Marathon Digital Holdings Inc announced an increased hash rate target for 2024, leading to a 5.15% rise in its stock price after hours.
The increase in Marathon Digital's hash rate target reflects a positive outlook on its operational capacity and growth potential, especially considering the expansion is fully funded. This announcement directly impacts investor confidence and the company's stock price, as evidenced by the after-hours trading activity. The anticipation of further details in the upcoming earnings report may continue to influence the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100