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MARA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is MARA Holdings, Inc. Common Stock (MARA) stock moving?
MARA reported Q3 2026 results on Nov 9 that missed on both lines: sales were $164.2M versus $181.9M expected and adjusted EPS was $(0.50) versus $(0.12) expected. Coverage also flagged a sharp revenue decline, although the company swung to a profit on a GAAP basis, helped by balance-sheet gains. Management sold 13,597 bitcoin to repay $750M of debt, which lowers leverage and supports the buyback that analysts cited as a share driver. Mined output was 2,247 BTC in the quarter, and the company is pushing its AI/HPC and power strategy, with about 1 GW of owned capacity and a stated target beyond 4 GW. FERC approval of the Long Ridge Energy & Power acquisition on Nov 5 removes a regulatory hurdle, but the deal still has to close. Analyst views are split: Rosenblatt keeps a Buy with an $11 target, Guggenheim stays Neutral, and Bernstein cut its target from $17 to $10 on financing concerns. Analysts also flagged delayed leases, and the first HPC lease is the key item still ahead. Price action fits this mix. The stock fell to a 5.875 close on Nov 5, then closed at 7.34 on Nov 10, up about 10.5% on the day. Volume reached 66.0M shares, well above the 30-45M daily range of the prior weeks, and the 203.5K trade count was the highest in the window. The rebound lifted the close above the Oct 22 level of 7.25, but the stock still trades below the Analyst price targets of $10 to $11.
News behind the analysis
- MARA Holdings Buyback Boosts Shares: What Investors Need to KnowMARA shares traded higher on Nov 10, a day after third-quarter results showed a sharp revenue decline but a swing to profit. The buyback was cited as a driver.
- MARA Rises Despite Q3 Miss as Analysts Focus on First HPC LeaseAnalysts pointed to balance-sheet gains and AI/HPC potential while flagging revenue misses, losses and delayed leases.
- Rosenblatt Maintains Buy on MARA Holdings, Lowers Price Target to $11Rosenblatt kept its Buy rating while cutting the price target to $11 after the quarter.
- Guggenheim Reiterates Neutral on MARA Holdingsto NeutralGuggenheim reiterated a Neutral rating on MARA after the company reported results.
- MARA Holdings Touts Exploding AI Demand, Targets 4 GW Power Portfolio With Bitcoin Mining as Its 'Foundation'CFO Salman Khan said MARA owns and operates roughly 1 GW of power capacity and has a roadmap to scale beyond 4 GW.
- UPDATE: Marathon Digital Holdings Q3 Adj. EPS $(0.50) Misses $(0.12) Estimate, Sales $164.233M Miss $181.944M EstimateAdjusted EPS of $(0.50) missed the $(0.12) estimate, and sales of $164.233M missed the $181.944M estimate.
- MARA Holdings, Inc. Announces Third Quarter 2026 Financial ResultsMARA reported unaudited third-quarter 2026 revenue and earnings results, filed alongside an 8-K furnished under Item 2.02.
- MARA Holdings, Inc. Sells 13,597 Bitcoin and Repays $750 Million in DebtMARA sold 13,597 bitcoin to retire $750 million of debt, a major balance-sheet move.
- FERC Authorizes MARA's Acquisition of Long Ridge Energy & PowerThe Federal Energy Regulatory Commission approved MARA's acquisition of Long Ridge Energy & Power from FTAI Infrastructure, finding it consistent with the public interest.
- Bernstein Reduces Price Target for MARA Holdings, Inc.Bernstein cut its MARA price target from $17 to $10, citing tighter financing markets and industry uncertainty in Texas.
About MARA Holdings, Inc. Common Stock
MARA Holdings, formerly Marathon Digital, is one of the largest US-listed bitcoin miners. It now calls itself a digital infrastructure company that turns energy into computing work. It holds one of the biggest corporate bitcoin treasuries, about 35,000 BTC as of mid-2026. It is also moving into AI and high-performance computing (HPC), backed by roughly 1.9 GW of energized power capacity, with deals underway to expand toward about 4.8 GW.
How it makes money
Nearly all of its revenue comes from mining bitcoin: the company earns block rewards and transaction fees for using its machines to secure the bitcoin network. Quarterly revenue was about $175 million in Q2 2026. That revenue rises and falls mainly with the bitcoin price and with how much computing power competing miners add to the network. MARA also earns smaller amounts from lending out part of its bitcoin and from energy-related activities. Through the Exaion acquisition and a joint venture with Starwood, it is starting to sell AI and HPC computing capacity. Because it records its bitcoin holdings at market value, reported profits can swing sharply from quarter to quarter.
What usually moves MARA
- Bitcoin price
- Network hashrate and mining difficulty
- Power costs and expansion of energy capacity
- Progress on AI/HPC data-center deals
- Debt, convertible notes and share issuance