What's Going On With Bitcoin Miners Marathon Digital And Riot Platforms Stock?

Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT shares are trading lower Thursday on continued downward momentum and amid a pullback in Bitcoin. 

The Details:

Shares of the Bitcoin miners have pulled back over the past month with both Marathon Digital and Riot Platforms shares down more than 35% in the last 30 days. 

Disappointing Bitcoin production numbers and worse-than-expected earnings may be contributing to the recent drop. Additionally, investors may be looking ahead to the Bitcoin halving event expected in April which will reduce the reward for mining new blocks by half. Following the halving, miners will receive 50% fewer Bitcoins for verifying transactions.

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MARA Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Marathon Digital Holdings MARA have an average 1-year price target of $29.20, representing an expected upside of 60.53%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Marathon Digital Holdings, while 3 analysts have bullish ratings. The street high price target from HC Wainwright & Co. is $35.

MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares are down 8.27% at $18.07, and Riot Platforms shares are down 7.5% at $10.85 at the time of publication.

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