On September 18, MARA Holdings surged 8.81% in regular trading, reaching $12.63 per share with turnover of approximately $120 million, rebounding sharply from recent lows following JPMorgan's downgrade earlier this week.
The rally was primarily driven by Bitcoin's price breaking above the $80,000 level for the first time since mid-May, fueling a broad rally across cryptocurrency concept stocks. Within the sector, Strategy climbed over 7%, BitMine and MARA Holdings gained over 6%, while Circle, Coinbase, and Riot Platforms also posted notable advances.
The rebound comes after MARA Holdings had been pressured by JPMorgan's September 14 double downgrade — from overweight to underweight — with a reduced price target of $11 from $13, which triggered a 3.9% decline on September 15. Additionally, the company reported a disappointing Q2 loss of $1.60 per share versus expectations of $0.26, on revenue of $174.9 million that missed the $209.4 million consensus estimate. Despite these headwinds, the renewed strength in Bitcoin prices provided a catalyst for recovery across the crypto mining sector.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments