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MARA Stock: 9 Things to Know About Crypto Mining Play Marathon Digital as Shares Slide

Marathon Digital (NASDAQ:MARA) stock is taking a beating on Tuesday following the release of its earnings report for the first quarter of 2021.

A render of bitcoin surrounding a smartphone.

Source: Wit Olszewski/Shutterstock,com

Here’s everything investors need to know from Marathon Digital’s latest earnings report.

  • Starting off, the company’s losses per share of 20 cents didn’t do MARA stock any favors.
  • This was worse off than the per-share loss of 2 cents that Wall Street was expecting.
  • It was also a wider loss than the 12 cents per share from the same time last year.
  • In addition to that, Marathon Digital’s revenue of $9.15 million didn’t excite investors, either.
  • That’s due to it missing analysts’ estimates by 19%.
  • However, it was better than the company’s revenue of $592,000 from the same period of the year prior.
  • The Bitcoin (CCC:BTC-USD) mining company notes that it produced 192 BTC during the quarter.
  • It also mentioned that it purchased an additional 4,812.66 bitcoins for $150 million during the period.
  • The company’s earnings also note that active miners were brought up to 6,800.

Sim Salzman, CFO of Marathon Digital, had this to say about the earnings report hurting MARA stock today.

“The first quarter marked a substantial improvement in our financial performance as we grew revenues to $9.2 million, generated net income of $83.4 million, and earned $137.4 million in adjusted EBITDA. Additionally, we exited the quarter with $211.9 million in cash and with a total liquidity, defined as cash and bitcoin holdings, of approximately $504.5 million.”

MARA stock is seeing strong movement in early morning trading after its earnings report. This has some 5 million shares changing hand as of this writing. That’s not yet reached its daily average trading volume of 22.1 million shares.

MARA stock was down 8.9% as of Tuesday morning but is still up 129.7% since the start of the year.

InvestorPlace.com also has other earnings news ready for interested investors.

We’re deep into earnings seasons and that means there no shortage of companies reporting results. A few examples to look out for include Virgin Galactic (NYSE:SPCE), Palantir Technologies (NYSE:PLTR), and AudioCodes Ltd. (NASDAQ:AUDC). Check out the latest news for them at the links below.

More Earnings News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/mara-stock-9-things-to-know-about-crypto-mining-play-marathon-digital-as-shares-slide/.

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