On Wednesday, shares of Marathon Digital Holdings Inc. (NASDAQ: MARA) are up. Take a peek at what's happening.
What To Know
On
Wednesday, HC Wainwright & Co. analyst Kevin Dede boosted the price
objective for Marathon Digital from $20 to $24 while maintaining a Buy rating.
Bitcoin Miner Marathon Digital's Stock Is Rising: What's happening?
Positive
analyst coverage is being provided just one day after Marathon Digital's stock
increased by over 10% following the company's announcement that it had
finalized a deal to pay $178.6 million for the acquisition of two Bitcoin
(CRYPTO: BTC) mining facilities.
With the
addition of the two locations, Marathon's Bitcoin mining portfolio will have a
capacity of 584 megawatts, up by 390 megawatts. According to Marathon Digital,
cash from its balance sheet would be used to finance the acquisition. It is
anticipated that the deal would finalize in 2024's first quarter.
Along with
the price of Bitcoin, Marathon Digital shares also seem to be rising. When this
article was published, Bitcoin was trading at $43,633, up 1.71% in the previous
24 hours. The value of bitcoin has increased by almost 160% since the year's
beginning.