Why Bitcoin- And Ethereum-Related Stock Marathon Digital Is Lagging The Rest Of Crypto Today

Several cryptocurrency-related stocks are trading higher Thursday after the Labor Department reported a 7.7% year-over-year increase in the consumer price index for October, which sent the crypto market racing higher, led by Bitcoin BTC/USD and Ethereum ETH/USD.

Marathon Digital Holdings Inc MARA shares are lagging some of the top crypto assets, as well as other crypto miner stocks. Marathon may be seeing continued weakness after the company turned in disappointing quarterly results late Tuesday.

Marathon Digital reported a third-quarter net loss of 65 cents per share, which missed average analyst estimates for a loss of 35 cents per share, according to Benzinga Pro. The company's bottom-line shortfall nearly tripled year-over-year as a result of margin declines, digital currency declines and higher interest expenses.

Marathon Digital said it produced 616 Bitcoin in the third quarter, which was down 51% year-over-year and down 13% sequentially.

HC Wainwright & Co. analyst Kevin Dede on Wednesday maintained Marathon Digital with a Buy rating and lowered the price target from $35 to $20.

MARA Price Action: Marathon Digital shares are up 0.57% at $9.67 at time of publication.

For comparison, competitor Riot Blockchain Inc RIOT is up 10.9% and Coinbase Global Inc COIN shares are up 13.3%. 

Photo: Pete Linforth from Pixabay.