MARA Holdings

MARA · NASDAQ

$7.48+$0.105 (+1.42%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $7.38

MARA analyst rating

BuyConsensus of 14 analysts over the last 12 months. 64% rate it a buy.

Strong buy0
Buy9
Hold3
Underperform2
Sell0

12-month price target · 16 analysts

Average $18.57 (+148.3% upside)

Low: $10.10
Now: $7.48
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

MARA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 20, 2026	Maintains	Overweight	$13.00 → $11.00	60%
Morgan Stanley	Oct 12, 2026	Maintains	Underweight	$11.00 → $10.00	58%
Morgan Stanley	Sep 18, 2026	Maintains	Underweight	$6.00 → $11.00	58%
JP Morgan	Sep 14, 2026	Downgrade	Overweight → Underweight	$13.00 → $11.00	50%
HC Wainwright & Co.	Sep 11, 2026	Initiates	Buy	$20.00	52%
Morgan Stanley	Aug 13, 2026	Maintains	Underweight	$5.50 → $6.00	58%
Cantor Fitzgerald	Aug 7, 2026	Maintains	Overweight	$14.00 → $12.00	40%
Rosenblatt	Aug 7, 2026	Maintains	Buy	$15.00	35%
Piper Sandler	Jul 17, 2026	Maintains	Overweight	$16.00 → $13.00	60%
Morgan Stanley	Jul 8, 2026	Maintains	Underweight	$7.00 → $5.50	58%

The case for and against

Updated Oct 21, 2026

Bull case

MARA Holdings is compelling because it is shifting from a bitcoin-mining company into an energy-and-digital-infrastructure platform with large, scarce power assets that can be monetized through AI/HPC leases. The Hannibal campus’s ~200 MW of grid-connected capacity, inbound interest from investment-grade tenants, and the potential for roughly $316M of annual lease revenue and $284M of NOI show meaningful embedded value, while Long Ridge could add a 505 MW generation asset and about $144M of annualized adjusted EBITDA. With 70.3 EH/s of energized hash rate, a 4.8 GW potential platform, and mining gross profit forecast to rise from $172M in 2026E to $559M in 2027E, the stock offers both infrastructure-led and bitcoin-driven upside.

Bear case

MARA Holdings is fundamentally challenged by extreme dependence on Bitcoin, with 96.8% of TTM revenue from mining and 2Q26 revenue down 27% y/y to $174.9M as the average BTC mined price fell 28% to $71,325. Its profitability remains weak, with 2Q26 gross profit before D&A of just $30.1M, a $611.3M net loss, and adjusted EBITDA still negative even before fair-value swings, while G&A and dilution pressures remain high. The investment case also faces meaningful execution and financing risk as 537 MW of hosted capacity begins rolling off in 3Q27 and ends by 1Q28, while replacement capacity, AI/HPC leases, and the 4.8 GW power portfolio all depend on approvals, funding, and timely buildout.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.