Why MARA Holdings Stock Is Soaring Today
MARA blew away Wall Street's expectations in the fourth quarter. Here's what you need to know about the report, and how the company's business plan is changing.
Shares of MARA Holdings (NASDAQ: MARA) -- formerly known as Marathon Digital Holdings -- jumped as much as 19.3% higher on Thursday morning. The move, driven by an analyst-stumping earnings report, subsided to a 9.2% gain by noon, ET. Before celebrating the large price gain, it should be noted that the stock is down by 55% over the last year, including Thursday's boost.
Your average Wall Street analyst expected a fourth-quarter net loss of approximately $0.16 per share, based on revenue near $181 million. Instead, MARA reported adjusted earnings of $1.24 per share. Top-line revenue rose 37% year over year, landing at $214 million.
The company generated 2,492 Bitcoins (CRYPTO: BTC) in the fourth quarter at an average cost of $52,035 per coin. MARA also purchased 15,574 Bitcoins on the open market during this period, at an average cost of $98,531 per coin.
