MARA Holdings (MARA) Stock: Bitcoin Miner Produces 950 Coins in May, Up 35% Monthly

TLDR

MARA Holdings broke internal bitcoin mining records in May, producing 950 bitcoin and winning 282 blocks, a 38% increase from April The company benefits from owning its mining pool, retaining full value of bitcoin blocks without paying outsourcing fees Institutional investor Rhumbline Advisers increased its MARA position by 10% in Q1, acquiring 83,242 additional shares Bitcoin mining stocks gained Monday as bitcoin rose approximately 4% to $108,524, boosted by Circle’s successful IPO Wall Street analysts maintain mixed ratings on MARA with price targets ranging from $9.50 to $28.00

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MARA Holdings hit new internal bitcoin mining records in May while attracting increased institutional investment. The company produced 950 bitcoin last month, up 35% from April.

The digital energy company won 282 blocks in May, representing a 38% increase over the previous month. This brought MARA’s total bitcoin holdings to 49,179 coins by month’s end.

MARA stands out as the only bitcoin miner that owns and operates its mining pool. This structure allows the company to capture the full value of bitcoin blocks it produces.

“May was a record-breaking month for MARA with 282 blocks won,” said CEO Fred Thiel. The company’s self-owned mining pool eliminates fees that other miners typically pay for outsourced operations.

The company also operates a fully-integrated technology stack, which increases operational efficiency. MARA’s hashrate reached 58.3 EH/s at the end of May, measuring the computational power used for transaction validation.

MARA Holdings, Inc. (MARA)

CleanSpark mined 694 bitcoin in May, up 10% month-over-month. The company held 12,502 bitcoin total after selling 293.5 coins at an average price of $102,254 each.

Riot Platforms produced 514 bitcoin in May, an 11% monthly increase. The company’s bitcoin holdings totaled 19,225 coins by month’s end.

Institutional Investment Activity

Rhumbline Advisers increased its MARA position by 10% during the first quarter. The institutional investor now owns 917,299 shares worth $10.5 million.

The firm acquired 83,242 additional shares during the period. Other institutional investors have also adjusted their positions in recent months.

Beacon Capital Management and Park Square Financial Group both acquired new positions in MARA during the fourth quarter. Sterling Capital Management raised its position by 358.3% in Q4.

Institutional investors and hedge funds own 44.53% of MARA’s stock. The company has attracted both new investors and position increases from existing holders.

Analyst Coverage and Market Performance

Wall Street analysts maintain mixed views on MARA stock. Price targets range from $9.50 to $28.00 across different firms.

Compass Point maintains a sell rating with a $9.50 target, down from $25.00 previously. Rosenblatt Securities raised its target from $17.00 to $20.00 with a buy rating.

JPMorgan reduced its price target from $23.00 to $18.00 while maintaining a neutral rating. Barclays increased its target from $14.00 to $16.00 with an equal weight rating.

HC Wainwright maintains a buy rating with a $28.00 price target. The consensus rating stands at “Hold” with an average target of $20.83.

Bitcoin mining stocks gained Monday as bitcoin rose approximately 4% to $108,524. The crypto rally followed Circle Internet Group’s successful IPO debut.

MARA stock opened at $16.27 on Tuesday, trading above its 50-day moving average. The company has a market cap of $5.73 billion with a 52-week range of $9.81 to $30.28.

CEO Fred Thiel sold 55,010 shares at $15.00 each in early May for $825,150 total. Director Douglas Mellinger sold 3,000 shares at $16.00 each for $48,000.

The company reported Q1 revenue of $213.88 million, below analyst expectations of $234.19 million. MARA posted a loss of $0.40 per share versus the consensus estimate of $0.34.

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