Marathon Digital Holdings Inc. (MARA) stock is recovering well in the pre-market, as it was up by 6.46% at the last check on Tuesday. The stock was able to enter green in the previous trading session, to close at $41.81 with a slight gain of 0.41%. Today, the prospects have improved as MARA reached $44.51 at the time of writing, with before hours’ volume of 31K shares.
Like most of the mining stocks, MARA had also taken a hit from the recent crash down of the crypto market. Currently, the stock seems to be recovering well from the fall.
What is Happening?
As the cryptocurrency market crashed recently, most of the crypto mining stocks also took a hit. The uncertain situation caused by the Omicron variant, inflation along with market corrections had caused bitcoin price to stumble down. The fall of the big names in the crypto market caused the meme coins like Dogecoin to join in the downtrend. Hence causing havoc in the crypto market worldwide. While this was reason enough for mining stocks to fall, the increased scrutiny about the energy consumption of crypto miners assisted the downfall.
The market situation led MARA stock to fall by 18.64% in the past five-session alone. Moreover, the stock lost a value of 44.48% last month while it has gained 300.48% year to date. Currently, MARA seems to be recovering nicely along with a few other mining stocks. This recovery can be subjected to hopes of bitcoin recovering its recent all-time high by the end of the year, as the broader crypto market starts recovering.
MARA’s Monthly Update
On December 03, the company announced its production and operation updates for the month of November. According to the report, the total bitcoin holdings of MARA increased to 7,649.1, which has a fair value of $437.4 million approx. Moreover, as of December 01, 2021, MARA had 31,000 active miners with 3.2 EH/s.
In addition, the company’s Hardin facility became fully operational in November, producing 34 BTC approx. on December 01.
Furthermore, in the month of November, MARA received 15,520 ASIC miners approx. from Bitmain, while the remaining 8,477 miners are due for delivery soon.
Financial Highlights
As per the report of November 10, MARA generated a revenue of $51.7 million in the third quarter of 2021, a huge 6,091% increase YOY.
Further, the third quarter reported a non-GAAP net income of $85.4 million. Hence, the non-GAAP net income per diluted share was $0.43 in the third quarter of 2021.