The stock of Marathon Digital Holdings, Inc (MARA) closed the recent trading session on $23.51, gaining 10.84% from the previous trading session. The stock price kept gaining pre-market to $24.87, a gain of 4.38%. The gain in the stock price came because of the press release issued by the company on February 4, 2022, announcing the bitcoin production and mining for January 2022.
Marathon Digital Holdings, Inc (MARA): Financials
As of the fourth quarter of FY21, the revenue of Marathon Digital Holdings Inc was $51.70 million, and the gross profit was reported to be $41.44 million. Cash on hand was reported to be $189.1 million and the total liquidity of the company was reported to be $519.7 million. The earnings per share (EPS) was reported as $0.85 against the estimated value of $0.48, surprising by 77.08%.
Operation updates:
As per the press release by MARA, the YoY increase in bitcoin mining was reported to be 816%, producing 462.1 bitcoins during January 2022, against 50.4 bitcoins in January 2021. Marathon digital holdings of bitcoin are reported to be 8595 BTC, with a market value of about $330.6 million.
32,710 miners have been effectively deployed, and therefore, the Company’s hash rate as of February 1, 2022, was roughly 3.6 EH/s.
CEO remarks:
The Chief Executive Officer (CEO) of Marathon Digital Holding Inc, Fred Thiel, said that during previous months, the production of bitcoin was affected by the power fluctuation at the Hardin power generating station. “While we keep on working with the power administrators in Hardin to resolve these issues, we accept our operations will turn out to be steadier as we speed up the deployments with Compute North,” he added.
He further said that they accept that Marathon is exceptionally positioned inside the industry today, and they anticipate scaling their mining tasks to 199,000 miners and 23.3 Exahash for the next quarters.
The Jefferies analyst initiated the stock rating to buy setting a target price to $51.
