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Investing.com — Bitcoin mining firm Marathon Digital Holdings Inc (NASDAQ:MARA) shares rose 1.3% in early Wednesday trading after being labeled a top pick among cryptocurrency miners by DA Davidson.
Analyst Christopher Brendler maintained a buy rating and a $65 price target on the shares. Brendler explained in a research note that shares of crypto miners provide a compelling risk-reward after underperforming Bitcoin prices.
He added that Marathon has been affected despite “huge wins” that include a new rig order from Bitmain, which is set for delivery between July and December next year.
On Tuesday, Marathon announced after the closing bell that it has executed a contract with China’s Bitmain Technologies to buy 78,000 Antminer S-19XP mining hardware units for a reported $879 million.
Marathon shares closed Tuesday’s session down 10.81% as the price of Bitcoin declined 6%.
