MARA - Marathon Digital: Q1 2024 Slipstream And Early Post-Halving Indications
2024-05-10 08:00:00 ET
Summary
- Marathon Digital released earnings for Q1-24 and reported a huge beat in earnings per share.
- The company's $337 million in quarterly net income was entirely attributable to a change in fair value accounting rules.
- While the company is being proactive in fee generation strategy, there are still long-term hurdles facing the business model.
When I last covered Marathon Digital ( MARA ) for Seeking Alpha, I downgraded the stock from "buy" to "hold" and noted both weak stickiness in transaction fees and a stock valuation already implying a six-figure Bitcoin ( BTC-USD ) price. In the closing summary I said MARA would likely serve as a solid swing trading ticker and that has indeed been the case with the stock often moving up or down by 5% or more in a single day: