Needham analyst John Todaro has maintained their neutral stance on MARA stock, giving a Hold rating today.
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John Todaro has given his Hold rating due to a combination of factors impacting Marathon Digital Holdings. The company reported an adjusted EBITDA that fell short of expectations, primarily due to increased selling, general, and administrative expenses. Despite this, Marathon Digital Holdings achieved its 2024 hash rate guidance, reaching 53 EH/s, which led to a slight increase in the 2025 hash rate estimate.
The management’s strategy to diversify revenue by piloting AI compute projects and considering the sale of its 2PIC liquid cooling technology is seen as a positive step. However, the uncertain outlook for bitcoin, which is a significant part of the company’s operations, contributes to the cautious stance. Therefore, while there are promising developments, the overall uncertainty in the bitcoin market justifies a Hold rating for the stock.