Needham analyst John Todaro has maintained their neutral stance on MARA stock, giving a Hold rating today.
John Todaro has given his Hold rating due to a combination of factors influencing Marathon Digital Holdings. The company reported an adjusted EBITDA miss, primarily due to increased mining costs and higher selling, general, and administrative expenses. Despite this, Marathon Digital has shown significant growth in its hash rate, doubling year-over-year and continuing to expand. The company is also planning to diversify its operations internationally, aiming for a balanced distribution between the U.S. and international markets in the future.
While Marathon Digital remains the largest miner by hash rate and holds a substantial bitcoin treasury, the financial results were mixed. The company’s mining revenues met expectations, but the adjusted EBITDA fell short of both Needham’s and the consensus estimates. This mixed performance, along with the strategic initiatives in place, supports the Hold rating as the company navigates through these operational and financial challenges.
In another report released today, Barclays also maintained a Hold rating on the stock with a $14.00 price target.