MARA Holdings shares dropped 5.7% after JPMorgan downgraded the stock to Underweight, citing concerns over the company's joint venture strategy and a significant Q2 revenue miss.
JPMorgan double-downgraded MARA to Underweight with a cut price target of $11, and the stock fell 5.7% pre-market after Q2 2026 revenue of ~$174.9M missed ~$209M estimates and the company posted a $1.60 per-share loss.
The Nasdaq Composite fell 1.7% in the same weaker session that saw MARA drop 5.7% pre-market.
The S&P 500 declined 0.8% amid the broader US equity weakness accompanying MARA's downgrade-driven drop.
Riot Platforms is cited as a peer Bitcoin miner exposed to the same crypto prices, mining economics and capital cost pressures weighing on MARA.
CleanSpark is named as a peer Bitcoin miner facing the same sector headwinds highlighted by the MARA downgrade.
Hut 8 is listed among publicly traded Bitcoin miners exposed to crypto prices, mining economics and capital costs amid the sector selloff.
JPMorgan is the analyst issuing the downgrade and price target cut on MARA, with no direct financial impact on the bank itself.
MARA Holdings shares fell 5.7% in pre-market trading to $11.30 following a double-downgrade by JPMorgan to Underweight. The bank lowered its price target to $11, citing concerns over the company's capital-light joint venture strategy. This decline follows a disappointing Q2 2026 report where revenue of $174.9 million missed analyst expectations of $209 million, resulting in a loss of $1.60 per share.
JPMorgan downgraded MARA to Underweight due to concerns regarding the company's capital-light joint venture strategy with Starwood Digital Ventures and a deteriorating risk-reward profile.
MARA reported revenue of approximately $174.9 million, missing Wall Street expectations of $209 million, and posted a loss of $1.60 per share.