• Jefferies analyst Jonathan Petersen initiated coverage of Marathon Digital Holdings Inc (NASDAQ: MARA) with a Buy rating and $51 price target, suggesting an upside of 139%.

  • He sees Marathon Digital being on pace to become the most significant public Bitcoin miner on an EH/s basis in 2022.

  • The company's current fleet of more than 30,000 miners generates 3.5 exahash of processing power, representing about 1.9% of the total Bitcoin mining market. It will likely grow to 199,000 miners generating 23 EH by year-end 2022, which he estimates will exceed 5% market share on full deployment.

  • The recent selloff in Bitcoin's price moderates the revenue growth outlook, but he still expects about 80% mining margins and a 12-18 month payback period on recent ASIC miner purchases and assumes the average price of Bitcoin in 2022 at about $53,400.

  • Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets.

  • Price Action: MARA shares traded higher by 7.43% at $21.26 on the last check Friday.

Latest Ratings for MARA

Jan 2022

Jefferies

Initiates Coverage On

Buy

Jan 2022

BTIG

Initiates Coverage On

Buy

Oct 2021

DA Davidson

Initiates Coverage On

Buy

View More Analyst Ratings for MARA
View the Latest Analyst Ratings

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