Veröffentlicht von • Marathon Digital (NASDAQ: MARA) published strong results, including more mined bitcoins than in Q1 2022 and higher revenue.
• Technicals on the daily chart are bullish, with a 277% jump from December lows.
• The future of the stock will depend on the Bitcoin price in the next few months.
Marathon Digital Reports Strong Earnings
Marathon Digital (NASDAQ: MARA) has published strong financial results for Q1 2023, helped by higher bitcoin prices throughout the quarter. Revenue for the quarter was up to $51.1 million as gains on sale of bitcoin rose to $17.6 million. Cash balances have been boosted by $12 million and debt has been reduced by $50 million, leaving Marathon with over $124 million in cash and 11,466 bitcoin.
MARA Stock Price Forecast
The future of Marathon’s stock depends largely on the price of Bitcoin in the coming months. If Bitcoin continues to underperform, then it is likely that Marathon’s share price will remain under pressure in the short term. However, investor sentiment may be buoyed by a strong Nasdaq 100 index and easing inflation which could lead to a strategic pause from the Fed – both pointing towards an increase in Bitcoin prices ahead of April’s halving event.
Technical Analysis
On a technical level, Marathon’s share price has moved sideways since their positive earnings report and is currently trading at around $10.22 – where it has been for some time now – having jumped 277% from its lowest level back in December 2020.
Continued Growth
Marathon remains optimistic about achieving their growth targets this year with more hash rate coming online throughout 2021 and beyond – meaning they are well positioned to reach their 23 exahash goal later this year if conditions remain favorable for digital currencies overall.
Conclusion
Overall there is potential for further growth for Marathon as long as market conditions remain positive for digital currencies overall, however investors should be aware that much of this success hinges on Bitcoin prices remaining at healthy levels throughout 2021 and into 2022 if they want to see continued returns from MARA stock this year and beyond.