- Marathon Digital (MARA) stock sprints to the close on Tuesday.
- Crypto stocks boosted by the rise in Bitcoin above $50k.
- MARA stock surges over 10% as retail traders are back.
Marathon Digital Holdings (MARA) stock surged on Tuesday as a double tailwind produced impressive results for the stock. The negativity in recent days, which has spread to most sectors of the market, took a break with a bounce for the major indices. The Nasdaq was the biggest gainer, closing up 1.4%, but all stock indices were higher on Tuesday. Added to this for crypto names was the performance of cryptocurrencies after Bitcoin, the crypto leader, breaking and holding above $50,000. This set crypto stocks on a surge with many closing up 5% or more. MARA stock was possibly the most impressive with its 10.59% gain.
-637691072763061851.png)
As we can see from the 15-minute chart above, it was a steady gain for the session with MARA closing at the high of the day. This is usually a continuation sign for the following session.
Marathon Digital (MARA) stock news
| Market Cap | $3.35 billion |
| Enterprise Value | $2.8 billion |
| Price/Earnings (P/E) | |
|
Price/Book |
9 |
| Price/Sales | 628 |
| Gross Margin | -77% |
| Net Margin | -78% |
| EBITDA | $-30 billion |
| 52 week low | $57.75 |
| 52 week high | $1.87 |
| Short Interest | 15% |
| Average Wall Street rating and price target |
Buy $61.67 |
Marathon digital Holdings (MARA) announced Bitcoin and mining updates for September 2021 on Monday, October 4. The company produced 1,252.4 new bitcoins for Q3 to end September. This was a 91% increase over the prior quarter. MARA produced 340.6 bitcoins during September, and its total holding of Bitcoins now stands at approximately 7,035. The company also gave some financial details. Cash on hand is $32.9 million, and total liquidity is now at $369.1 million. Marathon Digital Holdings has obtained a $100 million line of credit from Silvergate Bank, which is secured by Bitcoin and cash. MARA also has 8,459 ASIC miners from Bitmain on the way to the company to add to the existing mining fleet of 25,272 miners.
Marathon (MARA) stock forecast
$37.72 is the recent high from September 23, and we would really like to see this taken out soon. Otherwise, this has just been another failing spike. MARA did find support at the combination of the 200-day moving average, the Volume Weighted Average Price (VWAP) for the year, and the 100-day moving average. All of these converged around $30, making it a very strong support point to buy dips. Crypto stocks will obviously be subject to moves in the underlying prices of cryptocurrencies and, in particular, Bitcoin, but Bitcoin holding above $50,000 is certainly bullish.
FXStreet View: Neutral, bullish above $38.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs above 1.0800 as weak PMI data weighs on USD
EUR/USD preserves its bullish momentum and trades at its highest level in nearly three weeks above 1.0800 in the American session. The US Dollar stays under heavy selling pressure following the disappointing ADP and PMI data, fuelling the pair's rally.
GBP/USD extends rally toward 1.2800 as USD selloff continues
GBP/USD continues to push higher toward 1.2800 and trades at its highest level since mid-June on Wednesday. The disappointing ISM Services PMI data from the US weighs heavily on the US Dollar and allows the pair to target new multi-week tops.
Gold jumps above $2,360 after dismal US data
Gold gathers bullish momentum and trades at its highest level in nearly two weeks above $2,360. Following the disappointing ADP Employment Change and ISM Services PMI data from the US, the 10-year US yield declines sharply, helping XAU/USD extend its daily rally.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened.
Fed Minutes Preview: Markets to focus on cues regarding the inflation outlook
The Minutes of the Fed’s June 11-12 policy meeting will be published on Wednesday. Details of Jerome Powell and Co’s hawkish hold and their inflation outlook will be scrutinized.