MARA - 1 Wall Street Analyst Thinks Marathon Digital Stock Is Going to $27. Is It a Buy?
2024-05-14 12:29:23 ET
One of the stocks that got rocked this earnings season was Marathon Digital (NASDAQ: MARA) . The company, which mines Bitcoin , reported its first-quarter earnings. To say these were mixed would be an understatement; while it crushed the consensus analyst estimate for profitability, it whiffed badly on revenue. Investors were more worried about the latter and traded the stock down.
Following this trajectory, one pundit cut his price target on Marathon's shares. He's still bullish on the company's prospects, so should you follow his advice and buy some?
Just after that earnings report was made public, H.C. Wainwright's Kevin Dede made a fairly deep cut to his Marathon fair value estimation. In his view, it's now worth $27 per share, well down from his previous target of $35. That doesn't make him a bear, though, as he maintained his buy recommendation.
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1 Wall Street Analyst Thinks Marathon Digital Stock Is Going to $27. Is It a Buy?