Marathon Digital (MARA) shares fell in after-hours trading after the Bitcoin miner reported first-quarter results. Earnings per share came in at -$1.55, which missed analysts’ consensus estimate of -$0.52 per share. However, revenue for the quarter soared by 29.5% to $213.9 million. Nevertheless, this also missed analysts’ expectations of $216.9 million, which likely led to the price drop.
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The revenue jump was driven by an increase in BTC prices, as MARA decreased its BTC production from 2,811 to 2,286. Additionally, the company improved its hash rate capacity to 54.3 EH/s (Exahash per second) from 27.8 EH/s in Q1 2024.
Furthermore, MARA finished the quarter with 47,531 Bitcoins on its balance sheet. It is also worth noting that the company now has a hoard of 48,237 Bitcoins, according to its most recent production update for April.
Is MARA a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on MARA stock based on four Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average MARA price target of $19.81 per share implies 39.3% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
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