Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading higher by 8.3% at $21.43 Friday morning after Jefferies initiated coverage on the stock with a Buy rating and announced a $51 price target.
Marathon Digital, along with several cryptocurrency-related companies, is otherwise trading sharply lower by 35% on a year-to-date basis. The selling pressure on crypto-related stocks is in sympathy with the sell off in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). The rise in US Treasury yields, including a new 2-year high in the 10-year note set this month, has also pressured growth sectors.
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Marathon Digital focuses on mining digital assets. The company owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the Digital Currency Blockchain segment and its crypto-currency machines are located in Canada.
Marathon Digital has a 52-week high of $83.45 and a 52-week low of $17.16.