MARA Holdings Surges On Record Q4 Revenues, Analysts Weigh In

Shares of MARA Holdings Inc MARA were climbing in early trading on Thursday, after the company reported record fourth-quarter revenues.

The results came in amid an exciting earnings season. Here are some key analyst takeaways.

HC Wainwright On MARA Holdings

Analyst Kevin Dede reiterated a Buy rating and price target of $28.

MARA Holdings reported a record quarter, with revenues climbing to $214.4 million, from $131.6 million in the third quarter, Dede said in a note. Energized hashrate surged 115% year-over-year to 53.2Eh/s in the fourth quarter, he added.

"It expanded its capacity by growing its owned and operated data center footprint to roughly 70% from 0% over 2024 and boosted its secured energy capacity to approximately 1.7GW from roughly 0.5GW," the analyst wrote. A combination of self-mining and acquisition strategy drove the company's bitcoin holdings to 44,893 coins, worth around $3.8 billion, from 26,747 coins in the previous quarter, he further stated.

Check out other analyst stock ratings.

JPMorgan On MARA Holdings

Analyst Reginald Smith maintained a Neutral rating on the stock.

MARA Holdings generated record revenues and a meaningful sequential decline in operating expenses, which drove cash earnings to an all-time high, Smith said. Total revenues surged 63% sequentially, backed by a 37% increase in average bitcoin price, he added.

"Mgmt is prioritizing responsible capital deployment in 2025, and does not have a year-end hashrate target, but plans on taking advantage of opportunistic M&A at sites with low power costs and/or on-site generation," the analyst wrote. Although the company does not wish to expand into datacenter hosting, it sees "an opportunity to serve as a hardware, software and service provider for hyperscalers and AI companies," he further stated.

Needham On MARA Holdings

Analyst John Todaro reaffirmed a Hold rating.

The company reported revenues of $214 million, beating consensus of $196 million, Todaro said. He added, however, that adjusted EBITDA missed expectations due to higher SG&A (selling, general, and administrative expenses).

"During the call mgmt. outlined 2025 plans to pilot 30 MW of inference AI compute using the company’s 2PIC liquid cooling at owned sites, as well as a partner and a customer’s site," the analyst wrote. The company is open to selling the 2PIC technology to other operators, he further wrote.

MARA Price Action: Shares of MARA Holdings had risen by 8.11% to $13.46 at the time of publication on Thursday.

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