Digital asset technology company Marathon Digital Holdings, Inc.(MARA) reported robust results for the quarter ended June 30, 2021. Growth in revenues was primarily responsible for the strong results.
Following the results, shares of the company declined 2.8% in Friday’s trading session. However, it recovered all its losses and gained 3% to close at $33.87 in extended trade.
Quarterly revenues stood at $29.3 million, up significantly from $286,000 in the same quarter last year. Further, the EPS of $0.21 compares favorably to a loss of $0.08 reported last year.
In other key operating metrics, the company held roughly 5,784 bitcoins at the end of the second quarter, which had a market value of about $201.6 million. The number of total miners deployed also increased to 19,395.
The CEO of Marathon, Fred Thiel, said, “In the second quarter of 2021, we continued to effectively scale our operations by increasing our hash rate 196% sequentially from 0.7 EH/s at the end of the first quarter to approximately 2.09 EH/s by the end of June. During the quarter and subsequent to its end, we also enhanced our leadership team, we announced a new agreement with Compute North that sets a path for our mining operations to be 70% carbon neutral by early next year without any capital expenditure, our mining pool signaled for Taproot, and we purchased an additional 30,000 miners from Bitmain.” (See Marathon stock chart on TipRanks)
Recently, Compass Point analyst Michael Del Grosso reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $42 to $40, which implies upside potential of 21.7% from current levels.
Consensus among analysts is a Moderate Buy based on 2 unanimous Buys. The average Marathon price target of $47 implies upside potential of 42.9% from current levels.
Marathon scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 783.9% over the past year.
Related News:
Brookfield Posts Mixed Q2 Results; Shares Drop 1.4%
Walt Disney Q3 Results Top Estimates; Shares Rise 5.7%
Midwest Swings to Profit in Q2; Results Miss Estimates
