An 8-Day Losing Streak Has MARA Stock Down 27%
Shares of MARA have closed lower in each of the last 8 sessions, a cumulative decline of 26.7%. That erased about $1.1 billion from the company’s market value, which now stands at about $3.1 billion. The stock closed at $8.23 on Wednesday, October 14, 64.0% below its 52-week high of $22.84 and 22.3% above its low of $6.73.
The Streak Next To The S&P 500
Returns for MARA and the S&P 500 over the streak and the periods around it, all ending Wednesday, October 14 and including dividends:
| Return Period | MARA | S&P 500 |
|---|---|---|
| 1 Day | -9.7% | -1.1% |
| 8 Days (Current Streak) | -26.7% | 0.0% |
| 1 Month (21 Trading Days) | -26.8% | 1.8% |
| 3 Months (63 Trading Days) | -27.9% | 2.7% |
| Year To Date | -8.4% | 13.8% |
| 1 Year (252 Trading Days) | -59.3% | 17.3% |
How The Streak Compares With The Market
The market explains little of this: the S&P 500 gained 0.0% over the same 8 sessions, including dividends, against MARA’s -26.7%. Over the past three months the stock is down 27.9%, a window that includes the streak; over the other 55 sessions of that window it was essentially flat (-1.7%).
Do The Fundamentals Justify The Selling?
On the fundamentals, revenue grew 0.7% over the last twelve months, against a median of 17.9% for S&P 500 Information Technology stocks; and its operating margin is -126.1%, versus a median of 21.6%. MARA does not have positive trailing earnings, so there is no meaningful price-to-earnings multiple to compare. The fundamentals give the sellers some support: revenue growth below the median and an operating loss.
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Falling Prices Test Conviction. Rules Do Not Flinch
A losing streak forces a choice on every holder: sell into weakness, average down, or freeze. All three are emotional answers to what should be an analytical question, and decisions made that way tend to be expensive ones.
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