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Highlights
- The stocks of Marathon Digital Holdings, Inc. (NASDAQ: MARA) and Riot Blockchain, Inc. (NASDAQ: RIOT) have been catching the attention of investors of late.
- MARA received a US$100-million revolving line of credit from Silvergate Bank starting this month. Its stock price jumped 1532 percent in one year.
- RIOT produced 2,457 BTC in the first nine months of this year. Its stock rose 638 percent in one year.
Marathon Digital Holdings, Inc. (NASDAQ: MARA) stock was up 10.03 percent, and Riot Blockchain, Inc. (NASDAQ: RIOT) stock jumped 8.40 percent in intraday trading Monday.
MARA traded at US$43.45, and RIOT was priced at US$28.00 at around 2:55 pm ET.
MARA Digital Holdings Inc
MARA stock was up on Monday for no apparent reason. Marathon produced around 2098 newly minted bitcoins in the past 12 months to Oct 1, 2021, and 1,252.4 new minted bitcoins in the third quarter of 2021. MARA’s current bitcoin holdings are approximately 7,035 BTC.
Beginning this month, the company also received a US$100-million revolving line of credit from Silvergate Bank. Its cash and bitcoin holdings were approximately worth US$369.1 million, and cash on hand position was US$32.9 million.
For the three months ended June 30, 2021, the company earned revenue of US$29.3 million compared to US$0.286 million in the same quarter in 2020. The net loss was US$109 million or US$1.09 per share diluted, compared to a net loss of US$2.16 million or US$0.13 per share diluted in the June quarter of 2020.
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The Las Vegas, Nevada-headquartered company is involved in digital mining assets. MARA owns mining machines and a data center for crypto mining, including cryptocurrency. In addition, it operates blockchain segments in the digital assets space. Started in 2010, the company has a current market capitalization of US$4.37 billion, with a forward P/E for one year of 26.68.
On Oct 8, the stock closed at US$39.49, with a trading volume of 7,564,151.
The stock was close to its 52-week high of US$57.75 on Monday. Its 52-week lowest price was US$2.06. In the past one year, the stock gained 1532 percent.
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Source - pixabay
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Riot Blockchain, Inc.
The RIOT stock rallied on Monday, also for no apparent reason. The bitcoin mining and hosting company produced 406 BTC in September compared to 91 BTC in September 2020. It produced 2,457 BTCs in the first nine months of this year.
For the June quarter, 2021, RIOT’s revenue was US$34.35 million compared to US$1.94 million for the same period a year ago. The net income improved to US$19.34 million against a net loss of US$10.59 million in the June quarter of 2020. The net income per share diluted was US$0.22 compared to a net loss of US$0.31 per share diluted in the same quarter of 2020.
The Castle Rock, Colorado-based company builds and operates blockchain technologies. Its distributed blockchain technology, or decentralized ledger, provides a secure, efficient, and permanent way of maintaining records.
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Founded in 2000, its current market cap is US$2.68 billion. The P/E ratio is 64.98 and forward PE for one year is 20.41. Its EPS is US$0.43, and its beta is 4.57.
The stock closed at US$25.83, with a share volume of 8,259,192 on Oct 8, 2021.
The RIOT stock has been volatile, given its 52-week price range of US$79.50 and US$2.96, the highest and lowest price, respectively. The stock rose 638 percent in one year.
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Bottomline
With the increasing popularity of cryptocurrency, many crypto mining companies are popping up in the market. Likewise, MARA and RIOT stocks also saw significant attention and remarkable growth this year. However, investors should evaluate the companies carefully before investing in stocks.
