Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Marathon Digital Holdings, Inc. (NASDAQ:MARA) has oscillated between $10-$20 for some months now. The stock touched a low of below $5 at the start of July. Although trading higher at $12, Marathon Digital remains under pressure.
Marathon is a digital asset company. The company is involved in the generation of crypto and has invested in Bitcoin. Consequently, the downsides in digital assets have hugely affected MARA.
In its second quarter, Marathon Digital reported revenue of $24.92 million or £22.05 million. That represented a decline of 15% from the prior year. The company’s net loss widened by 76% to $191.65 million or £169.6 million in the same period.
Heading into the third quarter, investors have low expectations of Marathon Digital. The company’s net loss per share is expected at $0.35, compared to a net income of $0.85 last year. The expectations reflect continuing crypto slump and falling mining incomes. However, we see MARA as a stock to watch.
MARA price recovers slightly but remains bearish
Source – TradingView
Technically, MARA is bearish. A slight recovery is evidenced by an uptick in RSI from the near oversold level. Nonetheless, the 50-day MA could curtail short-term price appreciation.
Should you buy MARA
Investing in MARA makes sense on account of the low stock valuation. The stock’s range trading suggests buyers are trying to arrest a further decline at the current level.
Potential recoveries in cryptocurrencies would be a bull trigger for the stock. In fact, Jefferies had forecasted MARA to trade at $51 by the end of the year. However, the challenges remain as digital assets are struggling. MARA could face additional decline if cryptocurrencies fall again.
The post How good is Marathon Digital stock as crypto continues to whipsaw? appeared first on Invezz.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.