MARA has pulled back to its historically bullish 50-day moving average
It’s also worth noting that the MARA’s Relative Strength Index (RSI) of 32 is on the cusp of “oversold” territory, indicating a short-term bounce could be in the cards. What’s more, short interest is down 8.4% over the last month, yet the 45.84 million shares sold short account for 21.2% of the stock’s total available float.
Despite a 137.5% year-over-year lead just two covering brokerages recommend a “strong buy,” while the remaining seven rate the equity a “hold” or worse. Before the open yesterday, BTIG raised its rating on Marathon Digital stock to “buy” from “neutral.” and a further unwinding of analysts’ pessimism could provide additional tailwinds.
A change of sentiment in the options pits could also fuel gains. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OM X PHLX (PHLX), MARA’s 10-day put call ratio of 0.74 ranks in the 95th percentile of annual readings. Echoing this, the security’s Schaeffer’s put/call open interest ratio (SOIR) of 0.83 stands in the slightly elevated 73rd percentile of reading from the past 12 months. All of this to say, puts have been extremely popular of late.
The stock’s Schaeffer’s Volatility Index (SVI) of 122% stands in the relatively low 33rd percentile of its annual range, as well, implying that options players are pricing in lower-than-usual volatility expectations than usual at the moment. Furthermore, the security’s Schaeffer’s Volatility Scorecard (SVS) sits at a 73 out of 100, meaning MARA tended these volatility expectations during the past year.