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Strength Seen in Marathon Digital Holdings, Inc. (MARA): Can Its 4.2% Jump Turn into More Strength?
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Marathon Digital Holdings, Inc. (MARA - Free Report) shares soared 4.2% in the last trading session to close at $11.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.2% gain over the past four weeks.
The stock recorded price increase in response to the increase in price of Bitcoin, the world's largest cryptocurrency, over the past week.
This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +103.3%. Revenues are expected to be $84.47 million, up 239% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Marathon Digital Holdings, Inc., the consensus EPS estimate for the quarter has been revised 500% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MARA going forward to see if this recent jump can turn into more strength down the road.
Marathon Digital Holdings, Inc. is a member of the Zacks Technology Services industry. One other stock in the same industry, Rocket Companies (RKT - Free Report) , finished the last trading session 2.3% lower at $8.98. RKT has returned 10.9% over the past month.
For Rocket Companies, the consensus EPS estimate for the upcoming report has changed -10% over the past month to -$0.05. This represents a change of -66.7% from what the company reported a year ago. Rocket Companies currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Marathon Digital Holdings, Inc. (MARA): Can Its 4.2% Jump Turn into More Strength?
Marathon Digital Holdings, Inc. (MARA - Free Report) shares soared 4.2% in the last trading session to close at $11.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.2% gain over the past four weeks.
The stock recorded price increase in response to the increase in price of Bitcoin, the world's largest cryptocurrency, over the past week.
This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +103.3%. Revenues are expected to be $84.47 million, up 239% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Marathon Digital Holdings, Inc., the consensus EPS estimate for the quarter has been revised 500% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MARA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Marathon Digital Holdings, Inc. is a member of the Zacks Technology Services industry. One other stock in the same industry, Rocket Companies (RKT - Free Report) , finished the last trading session 2.3% lower at $8.98. RKT has returned 10.9% over the past month.
For Rocket Companies, the consensus EPS estimate for the upcoming report has changed -10% over the past month to -$0.05. This represents a change of -66.7% from what the company reported a year ago. Rocket Companies currently has a Zacks Rank of #3 (Hold).