MARA Holdings reported 84.21 million shares sold short, representing 31.41% of its float, according to the latest filings. This marks a decline of 5.93% in short percent of float since the prior report. At current average daily volume, it would take roughly 1.69 trading days to cover all open short positions, signaling reduced bearish pressure but not necessarily predicting near-term upside. In Q2, MARA posted adjusted earnings of $1.84 per share, far surpassing consensus estimates of a $0.28 loss. Revenue rose 64% year-over-year to $238.48 million, topping forecasts of $226.59 million. The company’s energized hash rate climbed 82% to 57.4 EH/s, and it mined 2,358 bitcoins during the period. Bitcoin holdings swelled 170% to 49,951 BTC, now valued at approximately $5.3 billion, reinforcing MARA’s status as the second-largest publicly traded bitcoin holder. H.C. Wainwright reiterated a Buy rating with a $28 price target, emphasizing MARA’s power conversion strategy and its two-phase immersion cooling (2PIC) pilot, now at 30 MW, with a cold-plate variant under development. The firm believes these initiatives could drive energy costs toward zero and position MARA favorably against peers shifting to high-performance computing. Rosenblatt also maintained a Buy rating with a $20 target, pointing to new low-cost mining sites, improved fleet efficiency, and ongoing global expansion as catalysts for margin improvement in the second half of fiscal 2025.
MARA Holdings reported 84.21 million shares sold short, representing 31.41% of its float, according to the latest filings. This marks a decline of 5.93% in short percent of float since the prior report. At current average daily volume, it would take roughly 1.69 trading days to cover all open short positions, signaling reduced bearish pressure but not necessarily predicting near-term upside. In Q2, MARA posted adjusted earnings of $1.84 per share, far surpassing consensus estimates of a $0.28 loss. Revenue rose 64% year-over-year to $238.48 million, topping forecasts of $226.59 million. The company’s energized hash rate climbed 82% to 57.4 EH/s, and it mined 2,358 bitcoins during the period. Bitcoin holdings swelled 170% to 49,951 BTC, now valued at approximately $5.3 billion, reinforcing MARA’s status as the second-largest publicly traded bitcoin holder. H.C. Wainwright reiterated a Buy rating with a $28 price target, emphasizing MARA’s power conversion strategy and its two-phase immersion cooling (2PIC) pilot, now at 30 MW, with a cold-plate variant under development. The firm believes these initiatives could drive energy costs toward zero and position MARA favorably against peers shifting to high-performance computing. Rosenblatt also maintained a Buy rating with a $20 target, pointing to new low-cost mining sites, improved fleet efficiency, and ongoing global expansion as catalysts for margin improvement in the second half of fiscal 2025.