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Stock Alert: Marathon Digital Holdings Slides 10%

Marathon Digital Holdings, Inc. (MARA) shares are down more than 10 percent, despite reporting profit for the first quarter.

Currently, shares are at $24.90, down 10.50 percent from the previous close of $27.82. For the 52-week period, the shares have traded in a range of $0.61-$57.75 on average volume of 22,193,683.

The enterprise Bitcoin self-mining company reported first quarter net profit of $83.36 million or $0.87 per share, compared to net loss of $1.057 million or $0.12 last year.

The company attributed the improvement in net income to a $132 million unrealized gain from the change in the value of Marathon's $150 million Bitcoin investment via a fund-of-one made in January 2021.

Revenue for the quarter increased to $9.152 million, from $592.48 thousand last year.

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