What's Going On With Bitcoin Miner Stocks Thursday?

Zinger Key Points
  • Bitcoin-miners’ stocks are pulling back Thursday following recent strength.
  • Some stocks in the sector may also be down in sympathy with Marathon Digital and as the recent Bitcoin rally cools Thursday.

Bitcoin-mining stocks are pulling back Thursday following recent strength. Some stocks in the sector may also be down in sympathy with Marathon Digital Holdings, Inc. MARA and as the recent Bitcoin rally cools Thursday.

What To Know:

Marathon Digital shares are trading down by more than 16%, leading the mining companies lower Thursday. The company reported mixed fourth-quarter results after the bell Wednesday, however, HC Wainwright & Co. maintained its Buy rating and raised the price target from $24 to $35 following the print. 

As previously reported by Benzinga, Bitcoin miners' stocks have outpaced Bitcoin over the past month, possibly due to better-than-expected earnings results. The crypto-mining industry may be experiencing an outsized reaction to Marathon Digital's mixed fourth-quarter results and the subdued Bitcoin price action Thursday as Bitcoin trades around the $61,000 mark. 

Some of the other Bitcoin mining stocks trading lower include Bitfarms Ltd. BITF, Cleanspark, Inc. CLSK and Riot Platforms, Inc. RIOT.

Related News: Okta Stock Rises On Better-Than-Expected Q4 Results: EPS Beat, Revenue Beat, Upbeat Guidance

$BTC, MARA, BITF, CLSK, RIOT Price Action: According to Benzinga Pro, Bitcoin is down 2.42% over a 24 hour period at $60,904.58, Marathon Digital shares are down 15.3% at $26.29, Bitfarms shares are down 10.9% at $2.81, Cleanspark shares are down 10.3% at $16.21 and Riot Platforms shares are down 11% at $13.94 at the time of publication.

Image: Darwin Laganzon from Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!