MARA Holdings, Inc. (NASDAQ:MARA) shares are trading higher on Wednesday.
The crypto-firm reported Tuesday second-quarter revenue of $238.5 million, beating analyst estimates of $218.45 million.
The Bitcoin mining company reported second-quarter earnings of $1.84 per share, beating analyst estimates of 69 cents per share.
Analyst Reaction To Earnings
H.C. Wainwright: Analyst Kevin Dede reiterated the Buy rating, with a price forecast of $28.
According to Dede, Bitcoin’s lower pricing on March 31 versus December 31 resulted in a non-cash fair value adjustment of roughly $510 million, which severely impacted MARA’s earnings per share.
Dede emphasizes that, philosophically, MARA has not altered its core strategy.
The analyst notes that recent commentary reaffirms the company’s continued focus on power conversion technology—whether through bitcoin mining or heat generation—with a consistent push …