TLDR
- J.P. Morgan raised MARA’s price target from $18 to $19 while keeping a neutral rating based on Q1 results and bitcoin data updates
- MARA achieved 54.3 exahashes per second in Q1 2025, marking a 95% year-over-year increase in mining capacity
- The company reduced its cost per petahash by 25% while growing revenue 30% to $213.9 million in Q1
- Stock closed at $15.03 on June 27, down 1.57% for the day but up 4.96% over a five-day period
- Trading volume reached 39.6 million shares, slightly below the average of 43.7 million shares
MARA Holdings closed at $15.03 on June 27, down $0.24 or 1.57% for the trading session. After-hours trading saw the stock slip another $0.04 to $14.99.
The stock traded between $14.85 and $15.50 during Thursday’s session. Volume reached 39.6 million shares, falling short of the typical 43.7 million share average.
Despite the daily decline, MARA posted gains over the five-day period. The stock climbed 4.96% from its starting point near $14.50.
The bitcoin miner saw sharp increases on June 25, pushing above the $15.00 level. Volatility continued through the following days with multiple peaks and dips.
On June 27, shares hit the period high of $15.50 before selling off into the close. The stock held onto most of its weekly gains despite the negative finish.
Analyst Upgrade Drives Interest
J.P. Morgan updated its outlook on MARA on June 24, 2025. The investment bank raised its price target from $18 to $19 while maintaining a neutral rating.
The analyst cited the company’s Q1 results as a key factor in the revision. Updated bitcoin pricing and network hash rate data also influenced the decision.
MARA’s operational transformation caught the analyst’s attention. Infrastructure expansion remains a central element in the bank’s valuation model.
The company delivered strong operational metrics in the first quarter. Hash rate performance exceeded expectations across multiple categories.
Q1 Performance Shows Mining Gains
MARA achieved 54.3 exahashes per second during Q1 2025. This represented a 95% increase compared to the same period last year.
The company improved its cost efficiency during the quarter. Cost per petahash dropped by 25% year-over-year.
Revenue growth reached 30% in Q1, totaling $213.9 million. This increase came despite challenges in the broader crypto market.
The company did report a net loss for the quarter. Unrealized losses in bitcoin valuations contributed to the negative bottom line.
MARA’s mining infrastructure continues expanding across multiple locations. The company focuses on energy-efficient data centers for its operations.
Vertically integrated operations remain a priority for management. This approach aims to improve margins and operational control.
J.P. Morgan expects further improvements in energy efficiency going forward. The analyst sees potential for continued growth through the company’s integrated model.
The bitcoin mining sector faces ongoing volatility tied to cryptocurrency prices. Network hash rates and mining difficulty adjustments impact operational results.
MARA’s cost reductions demonstrate progress in operational efficiency. The 25% decrease in cost per petahash shows improvement in mining economics.
As of the most recent trading session, MARA shares remain below J.P. Morgan’s updated $19 price target.
