What's Going On With Bitcoin Miner Marathon Digital Stock?

Marathon Digital Holdings, Inc. MARA shares are trading higher Friday on continued upward momentum. The stock has gained more than 40% over the past five days.

What To Know:

Marathon Digital announced a purchase agreement with Generate Capital, PBC to acquire two Bitcoin mining sites for $178.6 million on Tuesday. The sites will be Marathon's first fully-owned Bitcoin mining sites, and the company expects that it will reduce its cost per coin by 30%.

Following the announcement, HC Wainwright & Co. analyst Kevin Dede maintained Marathon Digital with a Buy rating on Wednesday and raised the price target from $20 to $24.

Bitcoin BTC/USD continues to rally and trade near 2-year highs, and investors are anticipating the possible approval of a spot Bitcoin ETF.

Marathon Digital has grabbed the attention of retail investors and is one of the top trending tickers on Yahoo Finance and WallStreetBets, according to SwaggyStocks. 22.57% of available Marathon Digital shares being sold short, according to data from Benzinga Pro.

Related News: What's Going On With Canopy Growth Stock?

MARA Price Action: According to Benzinga Pro, Marathon Digital shares are up 4.7% at $25.97 at the time of publication.

Image: Walkerssk from Pixabay