MARA Holdings (MARA) experienced a significant pre-market plunge of 5.09% on Monday. The cryptocurrency mining stock came under heavy selling pressure during the early trading session.
The sharp decline followed Morgan Stanley's initiation of coverage on MARA Holdings with an Underweight rating and a price target of $8. The negative analyst assessment from the major financial institution prompted investor concerns about the stock's near-term prospects.
Morgan Stanley's bearish outlook represents a significant deviation from the average analyst rating of overweight with a mean price target of $20, according to FactSet data. The substantial gap between Morgan Stanley's $8 target and the consensus view contributed to the selling pressure in pre-market trading.