Thanks Crypto Rally: Marathon Digital May Run 47% Now, Says Gianni Di Poce

Zinger Key Points
  • Gianni Di Poce is bullish on the company, setting a $12-$13 price target.
  • Di Poce says shares are undervalued and the chart suggests the start of a new bull trend.

After a tough start to the year for Marathon Digital Holdings Inc MARA shares, the crypto mining company stock is looking at a potential turnaround in the coming months.

Marathon generated $117.75 million in revenue in 2022, though the “crypto winter” was cold, doling out losses of $686.74 million on the year.

Despite its losses, Marathon's recent upward momentum — shares are up nearly 20% in the last five trading sessions — sparked the interest of analyst Gianni Di Poce, who says shares have 47% upside potential from current levels.

The Marathon Digital Analyst: Di Poce said in his weekly “Benzinga Pro Insider Report” that he is bullish on Marathon, so long as the stock remains above $6.70, and gave a $12 to $13 price target.

Check out more Marathon ratings here

Di Poce said Marathon’s stock price is “barely” above its Book Value of 5.35, indicating that shares are currently undervalued. From a charting standpoint, Marathon has completed a higher low and broken out from a descending price channel, indicating the start of a new bull trend.

The trend would be confirmed when prices exceed the high from January, Di Poce said.

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The recovery in the growth segment of the equity market and the current macroeconomic environment is giving Marathon some relief, Di Poce said. The company holds roughly 8,260 Bitcoin BTC/USD and has more than $200 million in unrestricted cash.

Di Poce noted Marathon recouped another 3,132 Bitcoins from Silvergate Bank, a crypto lender which collapsed earlier in March.

Read next: Bitcoin's Bull Run Is Unstoppable: 5 Experts Forecast Next Highs, Factors Driving the Market

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Posted In: Analyst ColorCryptocurrencyMid CapNewsPrice TargetSmall CapMarketsAnalyst RatingsTrading IdeasBenzinga Pro Insider Reportcrypto miningGianni Di Poce
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