MARA Holdings' Q1 Results Fail To Excite, Yet Bitcoin Touching $103K Could Turn Losses To Gains

MARA Holdings Inc (NASDAQ:MARA) reported its first-quarter results Thursday.

Here are some key analyst takeaways.

HC Wainwright On MARA Holdings

Analyst Kevin Dede maintained a Buy rating and price target of $28.

MARA Holdings reported its March quarter results broadly within expectations, Dede said in a note. The company's revenues came in at $213.9 million, almost flat with the previous quarter's results, he added.

Shares nosedived during the first three months of 2025 due to a downturn in Bitcoin prices, resulting in "negative price adjustment on the order of $510M," the analyst stated. However, with bitcoin reaching $103,000 on Thursday and, if this price holds through the end of June, "we would expect those losses to be replaced by gains of a greater magnitude," he wrote.

Check out other analyst stock ratings.

Needham On MARA Holdings

Analyst John Todaro reiterated a Hold rating on the stock.

MARA Holdings reported its adjusted EBITDA was short of expectations due to "higher mining costs and SG&A," Todaro said. He added, however, that the company doubled its hash rate year-on-year to 54 EH by the end of the first quarter, "with momentum continuing into April."

The analyst stated that MARA has become the largest miner by hash rate and bitcoin treasury. "We like the strategy of continual vertical integration, which lowers MARA’s average portfolio costs," he further wrote.

MARA  Price Action: At the time of publication on Friday, shares of MARA Holdings had risen by 12.22% to $16.04.

Read More: MARA CEO Fred Thiel Underscores Company’s ‘Twin Turbocharge Strategy’ Of Bitcoin HODL And Mining: ‘You See The Benefit Of Both The Sides’

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