Bernstein Lowers MARA Price Target Amid Revenue Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 26 2024
0mins
Source: Benzinga
MARA Holdings Inc. saw its stock price drop as it crossed below the 5-day SMA, reflecting a decline of 6.13% in regular trading.
The price target for MARA was cut from $23 to $17 by Bernstein, primarily due to an 18% year-over-year decline in first-quarter revenue to $174.6 million, resulting in a significant net loss of $1.3 billion. This news highlights the challenges MARA faces in its transition process, contributing to negative market sentiment around the stock.
The implications of this downgrade suggest that investors are becoming increasingly cautious about MARA's future performance, especially in light of the broader market's struggles, as indicated by the declines in the Nasdaq-100 and S&P 500.
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Analyst Views on MARA
Wall Street analysts forecast MARA stock price to rise
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 13.920
Low
13.00
Averages
22.11
High
30.00
Current: 13.920
Low
13.00
Averages
22.11
High
30.00
About MARA
MARA Holdings, Inc. is a digital infrastructure company. The Company focused on expanding its infrastructure capacity into adjacent workloads, including artificial intelligence (AI), high-performance computing (HPC) and critical information technology (IT). The Company transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. The Company primarily leverages Bitcoin mining as its core business. The Company operates multiple Bitcoin mining sites that provide hosting services to institutional-scale crypto mining companies. Hosting services include colocation and managed services. Colocation services include providing mining companies with sheltered data center space, electrical power, cooling, and internet connectivity. It operates across four continents and 19 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts (GW) of total capacity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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