Shares of cryptocurrency miner Marathon Digital (NASDAQ:MARA) are rising today after the company announced fourth-quarter numbers.
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Revenue dropped 58.4% year-over-year to $28.4 million, missing expectations by nearly $6.2 million. Net loss per share at $3.14 though was a contrast to a year ago EPS of $0.10. During the quarter, MARA produced 1,562 bitcoins (BTC:USD) averaging production of 17 BTC a day and pointing to 42% year-over-year growth.
Further, the company has managed to double its hash rate to 7 exhahashes and completely paid off its revolving line of credit. Now, MARA is aiming to achieve a 23 exahash capacity in 2023
Overall, Wall Street has a consensus price target of $10.50 on MARA, implying a 37.6% potential upside in the stock. That’s on top of a 124% surge in MARA shares so far this year already.
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