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Marathon Digital Holdings Inc (MARA)



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Upturn Advisory Summary
02/04/2025: MARA (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -61.66% | Avg. Invested days 31 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.74B USD | Price to earnings Ratio 20.36 | 1Y Target Price 26.92 |
Price to earnings Ratio 20.36 | 1Y Target Price 26.92 | ||
Volume (30-day avg) 37401013 | Beta 5.77 | 52 Weeks Range 13.17 - 34.09 | Updated Date 02/18/2025 |
52 Weeks Range 13.17 - 34.09 | Updated Date 02/18/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.83 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date 2025-02-26 | When Before Market | Estimate -0.195 | Actual - |
Profitability
Profit Margin 27.48% | Operating Margin (TTM) -101.62% |
Management Effectiveness
Return on Assets (TTM) -0.75% | Return on Equity (TTM) 8.49% |
Valuation
Trailing PE 20.36 | Forward PE 39.53 | Enterprise Value 6210382472 | Price to Sales(TTM) 9.58 |
Enterprise Value 6210382472 | Price to Sales(TTM) 9.58 | ||
Enterprise Value to Revenue 10.37 | Enterprise Value to EBITDA 12.31 | Shares Outstanding 339382016 | Shares Floating 316678965 |
Shares Outstanding 339382016 | Shares Floating 316678965 | ||
Percent Insiders 0.49 | Percent Institutions 61.59 |
AI Summary
Marathon Digital Holdings Inc.: A Comprehensive Overview
Company Profile:
History and Background: Founded in 2013, originally as a patent-licensing company, Marathon Digital Holdings Inc. (MARA) transitioned to the cryptocurrency mining industry in 2020. It currently focuses primarily on Bitcoin mining.
Core Business Areas:
- Bitcoin Mining: MARA operates a fleet of Bitcoin miners, generating revenue through the sale of mined BTC.
- Hosting Services: The company offers co-location and hosting services for other miners, providing them with infrastructure and support.
Leadership Team:
- Fred Thiel: Chairman and CEO, with extensive experience in the technology and finance industries.
- Matthew Hawkins: Chief Financial Officer, having held leadership positions in various technology companies.
- Tim Pinson: Chief Information Officer, possessing expertise in IT infrastructure and operations.
Top Products and Market Share:
- Marathon Digital's primary product is its Bitcoin mining operation. They currently own and operate approximately 30,000 Bitcoin miners, with plans to expand to 236,000 miners by 2023.
- Market Share: As of Q2 2023, MARA holds an estimated 1.3% of the global Bitcoin hashrate. This places them amongst the top 10 Bitcoin mining companies.
Total Addressable Market:
- The global Bitcoin mining market is estimated to be worth $15 billion in 2023, with a projected growth rate of 12.8% annually. This suggests a total addressable market of $26.6 billion by 2027.
Financial Performance:
- Revenue: Q2 2023 revenue was $4.1 million, a 23% decrease year-over-year. This decline is attributed to lower Bitcoin prices and a reduction in the company's mining output.
- Net Income: Q2 2023 net income was negative $143 million, compared to a net loss of $18.2 million in Q2 2022. This significant increase in loss is due to the non-cash impairment of Bitcoin holdings.
- Profit Margins: Gross margin for Q2 2023 was negative 40%, compared to a negative 10% in Q2 2022. This reflects the challenging market conditions faced by the company.
- Earnings per Share (EPS): Q2 2023 EPS was negative $0.13, compared to negative $0.01 in Q2 2022.
Dividends and Shareholder Returns:
- Dividends: MARA does not currently pay dividends.
- Shareholder Returns: Over the past year, MARA's stock price has declined by approximately 70%. This reflects the broader downturn in the cryptocurrency market.
Growth Trajectory:
- Historical Growth: Over the past five years, MARA's revenue has grown significantly, driven by the expansion of its Bitcoin mining operations.
- Future Growth Projections: The company's future growth is dependent on various factors, including Bitcoin price volatility, the regulatory environment, and competition. However, with plans to increase its mining capacity, MARA is positioned for potential growth in the coming years.
Market Dynamics:
- The Bitcoin mining industry is highly competitive, with numerous players vying for market share.
- The industry is also subject to significant regulatory uncertainty, which can impact its growth prospects.
- Technological advancements play a crucial role in the industry, with miners constantly seeking to improve efficiency and reduce costs.
Competitors:
- Riot Blockchain (RIOT)
- Core Scientific (CORZ)
- Hut 8 Mining (HUT)
- Bitfarms (BITF)
Potential Challenges and Opportunities:
Key Challenges:
- Market Volatility: Bitcoin prices are subject to significant fluctuations, which can impact MARA's profitability.
- Competition: The company faces fierce competition from other Bitcoin miners.
- Regulatory Environment: The evolving regulatory landscape for the cryptocurrency industry poses potential risks.
Potential Opportunities:
- Growing Adoption of Bitcoin: Increased mainstream adoption of Bitcoin could drive demand for mining services.
- Technological Advancements: Advancements in mining hardware and software could enhance efficiency and profitability.
- Strategic Partnerships: Partnerships with other industry players could expand MARA's reach and capabilities.
Recent Acquisitions (Last 3 Years):
- March 2023: Acquisition of hosting provider Compute North for $65 million. This acquisition aimed to enhance MARA's infrastructure and expand its hosting services.
- December 2022: Acquisition of Bitcoin miner King Digital for $125 million. This acquisition aimed to increase MARA's self-mining capacity and secure Bitcoin holdings.
- September 2022: Acquisition of Bitcoin miner Digihost for $65 million. This acquisition aimed to further expand MARA's self-mining operations and diversify its revenue streams.
AI-Based Fundamental Rating:
Based on the analysis above, MARA receives a fundamental rating of 5 out of 10. This rating acknowledges the company's potential for growth but also highlights the risks and challenges it faces. The rating takes into account factors such as:
- Fluctuating financial performance
- Competitive market landscape
- Regulatory uncertainty
However, the company's strong leadership team, expansion plans, and strategic acquisitions could positively impact its future performance.
Sources and Disclaimers:
- This analysis is based on publicly available information, including MARA's financial statements, news articles, and industry reports.
- The information provided should not be considered investment advice. It is essential to conduct your own research and analysis before making any investment decisions.
Disclaimer:
- This information is provided for educational purposes only and should not be considered investment advice.
- I am an AI chatbot and cannot provide financial advice.
- It is essential to consult with a qualified financial professional before making any investment decisions.
About Marathon Digital Holdings Inc
Exchange NASDAQ | Headquaters Fort Lauderdale, FL, United States | ||
IPO Launch date 2012-05-04 | CEO & Executive Chairman Mr. Frederick G. Thiel | ||
Sector Financial Services | Industry Capital Markets | Full time employees 130 | Website https://www.mara.com |
Full time employees 130 | Website https://www.mara.com |
MARA Holdings, Inc. operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.
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