MARA Holdings Inc (NASDAQ:MARA) reported its first-quarter results Thursday.
Here are some key analyst takeaways.
HC Wainwright On MARA Holdings
Analyst Kevin Dede maintained a Buy rating and price target of $28.
MARA Holdings reported its March quarter results broadly within expectations, Dede said in a note. The company's revenues came in at $213.9 million, almost flat with the previous quarter's results, he added.
Shares nosedived during the first three months of 2025 due to a downturn in Bitcoin prices, resulting in "negative price adjustment on the order of $510M," the analyst stated. However, with bitcoin reaching $103,000 on Thursday and, if this price holds through the end of June, "we would expect those losses to be replaced by gains of a greater magnitude," he wrote.
Check out other analyst stock ratings.
Needham On MARA Holdings
Analyst John Todaro reiterated a Hold rating on the stock.
MARA Holdings reported its adjusted EBITDA was short of expectations due to "higher mining costs and SG&A," Todaro said. He added, however, that the company doubled its hash rate year-on-year to 54 EH by the end of the first quarter, "with momentum continuing into April."
The analyst stated that MARA has become the largest miner by hash rate and bitcoin treasury. "We like the strategy of continual vertical integration, which lowers MARA’s average portfolio costs," he further wrote.
MARA Price Action: At the time of publication on Friday, shares of MARA Holdings had risen by 12.22% to $16.04.
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