After a tough start to the year for Marathon Digital Holdings Inc (NASDAQ:MARA) shares, the crypto mining company stock is looking at a potential turnaround in the coming months.

Marathon generated $117.75 million in revenue in 2022, though the “crypto winter” was cold, doling out losses of $686.74 million on the year.

Despite its losses, Marathon's recent upward momentum — shares are up nearly 20% in the last five trading sessions — sparked the interest of analyst Gianni Di Poce, who says shares have 47% upside potential from current levels.

The Marathon Digital Analyst: Di Poce said in his weekly “Benzinga Pro Insider Report” that he is bullish on Marathon, so long as the stock remains above $6.70, and gave a $12 to $13 price target.

Check out more Marathon ratings here. 

Di Poce said Marathon’s stock price is “barely” above its Book Value of 5.35, indicating that shares are currently undervalued. From a charting standpoint, Marathon has completed a higher low and broken out from a descending price channel, indicating the start of a new bull trend.

The trend would be confirmed when prices exceed the high from January, Di Poce said.

The recovery in the growth segment of the equity market and the current macroeconomic environment is giving Marathon some relief, Di Poce said. The company holds roughly 8,260 Bitcoin (CRYPTO: BTC) and has more than $200 million in unrestricted cash.

Di Poce noted Marathon recouped another 3,132 Bitcoins from Silvergate Bank, a crypto lender which collapsed earlier in March.

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