Cryptocurrency-related actions, including Marathon Digital Holdings Inc (NASDAQ: MARA) and Blockchain Riot Inc (NASDAQ: RIOT) are trading higher on Wednesday amid rising price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) and positive coverage from analysts at B. Riley Securities.
Lucas Pipes, analyst at B. Riley Securities, maintained Marathon Digital with a buy rating and raised the price target from $ 54 to $ 87. Pipes maintained Riot Blockchain with a buy note and raised the price target from $ 51 to $ 82.
The analyst’s model now assumes a Bitcoin price of $ 45,000 compared to the earlier assumption of a Bitcoin price of $ 35,000. The model has also been adjusted to reflect the higher costs of miners. Despite higher costs, the unit economy of digital mining remains “very attractive”, according to the analyst.
“While these adjustments represent a large increase from our previous estimates, we believe our model is still conservative,” Pipes said.
Marathon Digital focuses on the extraction of digital assets. It has cryptocurrency mining machines and a data center to mine digital assets.
Riot Blockchain focuses on the creation, support and exploitation of blockchain technologies.
BTC, ETH Price Action: Bitcoin was up 2.71% in a 24-hour period and Ethereum was up 3.55% in a 24-hour period at the time of publication.
Photo: Inspector quote from Flickr.
Latest reviews for MARA
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Sep 2021 |
B. Riley Securities |
Maintains |
To buy |
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June 2021 |
Cardinal point |
Launches the activated cover |
To buy |
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May 2021 |
B. Riley Securities |
Launches the activated cover |
To buy |
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