Marathon Digital (NASDAQ: MARA) stock jumped during intraday trading after B. Riley raised its price target.
B.Riley has raised its price target for Marathon Digital (NASDAQ: MARA) shares from $18.00 to $20.00 while maintaining a Neutral rating. This adjustment comes after the company released its June production data and operational updates.
Marathon Digital reported a slight decrease in Bitcoin production month-over-month, mining a total of 590 BTC in June, which reflects a 4% decline compared to May. Despite this drop, the company has made notable progress in its mining operations. According to B. Riley’s estimates, Marathon Digital achieved a 77% utilization rate in June.
The company also energized around 13,000 new miners, contributing 2 exahash per second (EH/s) to its mining capacity. This expansion brings Marathon Digital’s operating fleet to approximately 250,000 Application-Specific Integrated Circuit (ASIC) miners, capable of producing 31.5 EH/s.
Moreover, Marathon Digital announced that it aims to achieve a hash rate capacity of 50 EH/s by the end of this year. As of June 30, 2024, the Bitcoin mining company reported a strong financial position with unrestricted cash, cash equivalents, and bitcoin totaling approximately $1.43 billion. This robust balance sheet reinforces Marathon Digital’s ability to fund ongoing expansion initiatives and capitalize on growth opportunities within the evolving digital currency ecosystem.
Marathon Digital (NASDAQ: MARA) Stock Price Action
MARA stock surged 18.34% on Monday, closing at $24.58, marking a 26.05% increase for the week. The trading volume was 96,172,768 shares, significantly higher than the average daily volume of 47.17 million.
