Mara stock seems to be following a declining trend since August 2, 2023, when it lost over $4.40 of its trading price. At the time of publication, Marathon Digital Holdings, Inc. stock was trading at $12 with an intraday trading volume of 25.288 Million.
Will MARA Stock Retest $15 This Week?
In the past two trading sessions, sellers’ volume was comparatively more than buyers which dragged MARA stock price over 10% in the downward direction. At press time, the stock price was trading below 20,50,100, and 200-day EMA.
Marathon Digital Holdings, Inc. has a market capitalization of $2.091 Billion. In the past 52 weeks, a surge of 423.35% is seen in the market cap of the company.
MARA stock’s highest trading price in the 52-week time frame is $19.88 and it lowest traded at $3.11. In the weekly time frame, the stock price surged over 12.36% and a strong uptrend of 99.34% has been noticed in the past six months.
If sellers continued their dominance over buyers then there are possibilities that MARA stock price might decline further and face immediate support of $11.15 and following support of $10.37.
In different scenarios, if sellers fail to safeguard their region then there are chances that MARA stock might surge and face immediate resistance of $13.10 and possibly next resistance of $13.87.
As per the market analysts, on September 2, Marathon Digital’s share might open below its previous closing price. The estimated annual price target of MARA stock is $15.40 which is 28.33% greater than its press time trading price.
According to TradingView, 168.177 Million MARA shares are free-floating, and the remaining 6.098 Million shares are closely held either by financial backers of the company or the board of members.
Marathon Digital Holdings, Inc. Financial Updates
Marathon Digital Holdings, Inc. released the previous quarterly earnings on August 8, 2023. The company failed to meet the EPS estimate by 81.72% and the revenue estimate by 2.02%.
The estimated revenue of the company for the third and fourth quarters are $110.45 Million and $143 Million, respectively. The expected EPS for Q3 is negative 0.11 and Q4 is negative 0.02.
In 2022, NASDAQ: MARA reported 14.04% less revenue from which its net revenue was -$686.74 Million and profit margin was -583.20%.
Technical Levels
Major Support: $11.15 and $10.37
Major Resistance: $13.10 and $13.87
Conclusion
Despite the monthly loss, MARA stock price surged over 99.34% in the past six months and further surge is possible. Marathon Digital Holdings, Inc. released the previous quarterly earnings on August 8, 2023. The company failed to meet the EPS estimate by 81.72% and the revenue estimate by 2.02%.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/02/marathon-digital-bulls-backing-mara-stock-price-surged-over-99/