This is a list of stocks that members asked us to do extra research on none of these are alerts/buy/sell recommendations.
Company: MARA Holdings
Quote: $MARA
BT: $18 (if we see a dip)
ST: $28-$30
Sharks Opinion:
While the most straightforward way to gain exposure to crypto remains direct investment in tokens like Bitcoin or Ethereum, cryptocurrency adjacent equities offer another path especially for investors seeking diversification, regulatory buffers, or less custodial risk.
One such name at the center of this space? Marathon Digital Holdings (MARA).
MARA has earned a reputation as one of the most volatile stocks on the board essentially acting like a leveraged proxy for Bitcoin. When BTC rallies, MARA tends to outperform. When crypto tanks, MARA often leads the way down. But lately, the company appears to be thinking longer-term, attempting to evolve beyond a simple mining beta play.
In a sector where energy cost and BTC price dictate survival, Marathon is taking meaningful steps to optimize both sides of the equation. The company has begun expanding operations into markets with cheaper energy a strategic shift that could improve margin resilience, even if Bitcoin’s price plateaus in the near term.
Marathon has also been aggressively expanding its BTC war chest, initiating a massive $2 billion at-the-market (ATM) equity offering to fund more Bitcoin acquisitions and support general operations. This follows a prior $1.4 billion raise, which helped MARA balloon its Bitcoin holdings from 13,726 BTC to 46,374 BTC.
To put that in perspective: Marathon now holds more Bitcoin than any public company besides MicroStrategy a positioning that could prove powerful if crypto sentiment continues to strengthen.
Still, this isn’t a risk-free name.
The stock is heavily shorted, with a short interest hovering around 33% of the float. That creates a binary setup: either we see a short squeeze that ignites a powerful move higher, or the stock cracks under pressure if BTC rolls over or dilution weighs on sentiment.
Our View: We're watching MARA closely. With Bitcoin flirting with all-time highs and crypto related legislation on the docket, the environment feels ripe for a high-beta runner like MARA to catch up especially if institutional money begins chasing names outside of MicroStrategy.
We may initiate a position soon. But we’ll be managing risk carefully the volatility here isn’t theoretical, it’s real.
Description: MARA Holdings, Inc. operates as a digital asset technology company in the United States. It also provides technology solutions to optimize data center operations, such as liquid immersion cooling and firmware for bitcoin miners. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.
Marathon Digital continues to assert itself as one of the most dominant players in the crypto mining space, with a market capitalization north of $6 billion and a growing global footprint. The company’s size and capital access have enabled it to build one of the largest and most efficient mining fleets in the world, and June’s performance put that scale on full display.
In a single month, Marathon mined 211 Bitcoin blocks, accounting for more than 5% of all global Bitcoin rewards during that period. That level of block dominance is rare and it didn’t go unnoticed. The stock spiked on the news, adding about 6% over the past month and once again reminding investors why MARA remains a go-to proxy for large-scale Bitcoin exposure.
But the company isn’t slowing down. In fact, it’s accelerating.
Marathon has set an ambitious year-end target of 75 exahashes per second (EH/s)—a 40% jump from its hash rate at the end of 2024. That kind of scale not only enhances its ability to capture block rewards but also reinforces its position as a potential long-term industry consolidator.
Even more telling than the raw numbers, however, is the company’s strategic geographic expansion. Traditionally U.S.-centric, MARA is now building international mining sites in the United Arab Emirates and Paraguay. Why the pivot abroad?
Two main reasons:
Lower energy costs: Regions like Paraguay offer renewable hydroelectric power at a fraction of U.S. energy prices.
Favorable regulation: With growing regulatory uncertainty in the U.S., MARA is hedging political risk by expanding into more crypto-friendly jurisdictions.
And the results are already coming in. MARA mined over 2,800 BTC in the last quarter, a meaningful jump from the same period in 2024. This output, combined with lower operating costs from its international buildout, sets the stage for improved margins and stronger profitability moving forward.
Marathon Digital has doubled down on its expansion strategy throughout 2024, but it’s come at a cost to existing shareholders. As of November 5, MARA increased its outstanding share count from 222 million to 321 million a sharp 49% dilution driven by repeated equity financings.
During the first nine months of the year alone, the company raised over $1.1 billion through stock offerings. That capital has gone directly toward acquiring new mining rigs, expanding facilities, and consolidating its lead in global hashrate.
The payoff? As of December, Marathon achieved a realized hashrate capacity of 47.21 exahashes per second (EH/s) an 84% year-over-year increase, solidifying its standing as one of the largest and fastest-growing miners in the world.
The Trade-Off: Marathon is scaling rapidly and cementing its leadership, but the heavy reliance on dilution raises questions about long-term shareholder value. Investors bullish on Bitcoin’s price and the mining cycle may be willing to overlook that those looking for capital discipline might not.
Marathon Digital’s massive mining fleet has helped the company amass nearly 48,000 BTC as of the end of June worth roughly $5.2 billion.
That’s a staggering figure considering it represents the majority of MARA’s total market cap. But it also highlights the risk: a sharp drop in Bitcoin prices could quickly erode the company’s value.
While MARA has outpaced competitors in expanding its hashrate, the results are still highly dependent on the price of Bitcoin. If BTC prices stagnate or worse, fall all the computing power in the world won’t improve margins. And with shareholder dilution and debt rising as part of that growth, the downside risk is real.
That said, management has started to refine its strategy. They're aiming for more efficient mining operations, selective deployment of resources, and are even using hedging strategies to manage Bitcoin volatility. This evolution may help reduce some of the historic volatility in the stock.
Bottom line: MARA is still a high-beta proxy for Bitcoin, but the company is trying to build a more resilient business model. For risk-tolerant investors, that could make it one of the more compelling long-term plays in the crypto equity space.
JP Morgan Maintains Neutral on MARA Holdings, Raises Price Target to $19
Rosenblatt Maintains Buy on MARA Holdings, Raises Price Target to $20
Barclays Maintains Equal-Weight on MARA Holdings, Raises Price Target to $16
Compass Point Downgrades MARA Holdings to Sell, Lowers Price Target to $9.5
UBS analyst Manav Gupta raised the price target on MARA to $203.00 (from $175.00)
Company: Perpetua Resources Corp
Quote: $PPTA
BT: $12-$14 look to buy dips and wait and see
ST: $20-$28
Sharks Opinion:
Perpetua Resources stands at a critical inflection point one of the few U.S.-based companies advancing a world-class critical mineral project at scale. While still in the pre-revenue phase, the story here isn’t about current earnings—it’s about future positioning. The company’s flagship Stibnite Gold Project in Idaho is one of the largest undeveloped gold and antimony resources in the U.S., offering a rare combination of strategic importance and geopolitical relevance.
Antimony, in particular, has become a focus due to its role in national defense and energy storage applications. China dominates global antimony supply, which gives Perpetua a unique advantage as a potential secure domestic source. The U.S. government clearly agrees Perpetua received over $50 million in funding from the Department of Defense in 2023 and 2024 to support development.
What truly separates Perpetua from many early-stage resource plays is the caliber of its institutional backing. Hedge fund legend John Paulson, best known for his winning bet against the housing market in the 2008 financial crisis, is Perpetua’s largest shareholder, with a 31% stake via Paulson & Co. His firm also anchored the most recent $100 million private placement, underscoring long-term confidence in the company’s prospects. Additional support from respected resource investors like Sprott Inc. and Encompass Capital Advisors only strengthens the credibility.
While conventional valuation models don't apply at this stage, Perpetua has already checked off several key de-risking milestones: environmental permitting is well advanced, offtake interest is growing, and government support has de-risked a significant portion of project financing.
With critical materials, gold exposure, and institutional backing in its corner, Perpetua is a name to watch as it transitions from a speculative developer to a strategic domestic supplier. As capital rotates toward tangible energy transition themes and secure U.S. supply chains, this under-the-radar microcap could command far greater investor attention in the quarters ahead.
Description: Perpetua Resources Corp., a development-stage company, engages in the acquisition of mining properties in the United States. The company explores for gold, silver, and antimony deposits. Its principal mineral project is the 100% owned Stibnite Gold project, which includes 1,674 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.
Perpetua Resources is advancing one of the most strategically significant mining projects in the United States: the Stibnite Gold Project in Idaho. With a gold reserve of 4.8 million ounces and 148 million pounds of antimony, the asset offers a rare blend of precious metal leverage and critical mineral supply relevance especially as the U.S. prioritizes domestic sourcing for defense and energy applications.
Currently in the pre-production phase, Perpetua’s business model is centered around bringing the Stibnite mine online while embracing an approach it calls "restoration mining." This model allows mining revenues to fund the environmental remediation of a legacy brownfield site earning both regulatory goodwill and community support.
Key Strengths
World-Class Economics:
Stibnite is among the highest-grade open-pit gold assets in the U.S., with extremely competitive projected costs. AISC is forecasted at under $760/oz over the life of the mine, and as low as $435/oz in the first four years, positioning it in the top quartile of the global cost curve. That means high operating margins even if gold prices decline.
Strategic Antimony Supply:
Stibnite is the only known U.S. deposit capable of producing antimony at scale—a critical mineral designated by the U.S. government due to its importance in munitions, energy storage, and semiconductors. Perpetua has already secured over $50 million in federal funding from the Department of Defense to support development, underscoring the national security dimension.
Risks and Weaknesses
Single-Asset Risk:
Perpetua is fully dependent on Stibnite. Any delays in permitting, financing, or construction—or issues with community engagement—would have an outsized impact on valuation. There's no portfolio diversification at this stage.
Permitting Complexity:
Despite progress, final approvals are still pending. Mining in the U.S., particularly in environmentally sensitive areas, remains heavily scrutinized, and any regulatory holdups could shift timelines.
Perpetua Resources’ Stibnite Gold Project isn’t just about gold it’s about profitability unlocked by antimony. With 4.8M oz of gold reserves and 148M lbs of antimony, the project boasts a projected All-In Sustaining Cost (AISC) of just $435/oz in its first four years among the lowest in the world.
That low AISC is largely due to antimony by-product credits, which directly offset gold production costs. And with antimony prices surging from a modeled $21/lb to as high as $23.35/lb in Europe following China’s export ban Stibnite’s margins are positioned to grow even further.
Every $1/lb increase in antimony boosts profitability, creating a rare flywheel effect that improves economics regardless of gold price fluctuations. This dynamic makes Stibnite a standout asset, with exposure to both precious metals and a strategic critical mineral in short supply.
B. Riley Securities Maintains Buy on Perpetua Resources, Raises Price Target to $17
HC Wainwright & Co. Reiterates Buy on Perpetua Resources, Maintains $27.5 Price Target
Roth MKM Maintains Buy on Perpetua Resources, Raises Price Target to $19
Company: Oragenics, Inc.
Quote: $OGEN
Sharks Opinion:
Oragenics appears to offer an intriguing opportunity on paper, but a deeper dive uncovers several warning signs that investors should carefully consider. The company has a track record of using shareholder funds extensively, which suggests a pattern of treating investors more like a funding source than partners. This history alone introduces a significant level of risk.
Moreover, the competitive landscape for their lead product is intensely crowded, making market success far from guaranteed. As a former football player and coach, it’s easy to appreciate the potential impact of their product if it reaches the market. However, this remains a high-stakes gamble given the uncertainties ahead.
Regulatory milestones are still distant, with FDA approval likely years away and Phase 3 trial results not anticipated until 2027. Given the long timeline, combined with the company’s past behavior and the stiff competition it faces, we recommend exercising significant caution before considering an investment in Oragenics.
BT: N/A
ST: N/A
Description: Oragenics, Inc., a development-stage company, engages in the research and development of nasal delivery pharmaceutical medications in neurology and fighting infectious diseases in the United States. Its lead product is ONP-002 for the treatment of mild traumatic brain injury, a fully synthetic, non-naturally occurring neurosteroid, which is lipophilic and can cross the blood-brain barrier to reduce swelling, oxidative stress, and inflammation while restoring proper blood flow through gene amplification.
Company: Colombier Acquisition Corp. II
Quote: $CLBR
BT: Sell
ST: Sell
Sharks Opinion:
CLBR is a SPAC currently in the process of merging with a company called "Grab-A-GUN." The vote on the merger’s approval is scheduled for July 15th.
We recommend investors consider booking profits ahead of this date, as the stock is currently trading at a roughly 60% premium to its trust value.
There are doubts about Grab-A-GUN’s valuation estimating the company at $500 million seems optimistic given its low revenue and thin margins.
While the company has generated significant hype, including having the son of the president on its board, the fundamentals don’t support such enthusiasm.
Gun culture differs notably between the U.S. and Canada, and importantly, Grab-A-GUN is not a producer of its products but acts as a third party for other product lines.
This model limits gross margins and constrains growth potential.
Given the strong hype, investors should approach with caution. If you choose to hold this stock, it’s advisable to trade based on volatility and market sentiment rather than fundamentals.
Description: GrabAGun is a fast growing, digitally native eCommerce retailer of firearms and ammunition, related accessories and other outdoor enthusiast products. Building on the Company's proprietary software expertise, the Company's eCommerce site has become one of the leading firearm retail websites.
GrabAGun’s online platform is designed to attract younger buyers by leveraging social media and offering a convenient, mobile-friendly shopping experience reflecting a demographic shift in firearm ownership.
The merger capitalizes on strong Second Amendment advocacy, with around 60% of U.S. households owning firearms, highlighting widespread pro-gun sentiment.
Founded in 2010, GrabAGun provides a wide range of sporting firearms, ammunition, and accessories catering to enthusiasts of all ages, backgrounds, and experience levels.
As consumer habits increasingly favor mobile online shopping over traditional retail, GrabAGun is well-positioned to benefit from this shift.
The company is moving beyond its historically older, hunting-focused market toward a younger, tech-savvy generation of sportsmen, enthusiasts, and defenders who prefer a streamlined, mobile-first purchasing experience.
The firearms sector is primed for disruption as regulatory uncertainty such as pending federal background check reforms and changing buyer demographics reshape the market, creating clear winners and losers:
Traditional retailers like Bass Pro Shops and Cabela’s face increasing challenges competing with digital-native platforms, which now account for 28% of U.S. firearms sales, up from 15% in 2019.
Meanwhile, anti-gun advocacy groups continue to push lawmakers for stricter regulations, but GrabAGun’s strong pro-Second Amendment stance supported by high profile advisors like Donald Trump Jr. solidifies its cultural connection with its core customer base.
Key risks and considerations include:
Regulatory delays SEC scrutiny of SPAC mergers and federal firearm licensing requirements could postpone the planned summer 2025 deal closing.
Competition: While rivals such as GunsAmerica and GunBroker.com may copy GrabAGun’s AI tools, its first-mover advantage and strong branding focused on Gen Z buyers create a competitive moat.
The transaction is valued at $150 million, with GrabAGun’s current equity holders receiving $100 million in stock priced at $10.00 per share in the combined company, along with $50 million in cash.
The funds raised through this transaction will be allocated toward financing strategic acquisitions within the Second Amendment space, accelerating growth initiatives, pursuing consolidation opportunities, covering transaction expenses, and supporting general corporate purposes.
GrabAGun’s existing equity holders and management are rolling over two-thirds of their equity into the new entity. Additionally, the shares of common stock granted to GrabAGun equity holders, as well as those issued to Colombier II’s sponsor in exchange for founder shares, will be subject to lock-up restrictions.
Company: Nuvectis Pharma, Inc.
Quote: $NVCT
BT: $8
ST: $20-$22
Sharks Opinion:
Nuvectis Pharma is an under-the-radar precision oncology company advancing two innovative, “best-in-class” drug candidates NXP900 and NXP800 targeting significant unmet medical needs.
Despite launching in a challenging biotech bear market that limited funding, Nuvectis’s founders have executed well, licensing promising cancer molecules at attractive valuations and making solid progress.
When compared to peers, Nuvectis’s valuation stands out as notably low. With a market cap under $200 million, it trades at just a fraction of many similar biotech firms that focus on targeted cancer therapies or have recently been acquired. This undervaluation highlights potential upside.
This situation reminds us of previous plays like CPXX and FTSV, both cancer-focused names that saw rapid acquisitions following positive Phase 3 results. Nuvectis could be positioned for a similar trajectory.
Description: Nuvectis Pharma, Inc., a clinical-stage biopharmaceutical company, focuses on the development of precision medicines for the treatment of serious conditions of unmet medical need in oncology. Its lead product candidate is NXP800, a novel small molecule that is in Phase 1b clinical trial for the treatment of patients with platinum-resistant ARID1a-mutated ovarian carcinoma. The company is also developing NXP900, a small molecule drug candidate, which is in Phase 1a clinical trial that inhibits the proto-oncogene c-Src and YES1 kinases for treating solid tumors.
From what we’ve gathered, and while we’re not experts in the field, NXP900 has shown impressive potency and efficacy in preclinical studies.
It demonstrates sub-nanomolar activity against SRC family kinases, leading to strong inhibition of SRC-driven cancer pathways.
Lab research has identified squamous cell carcinomas of the head & neck and esophagus as particularly sensitive to NXP900, with significant tumor suppression seen in cell and animal models.
Nuvectis has designed a regulatory and clinical plan focused on speed and unmet medical needs. Their other candidate, NXP800, has already received expedited FDA designations, including Fast Track status for platinum-resistant, ARID1a-mutated ovarian carcinoma.
This status highlights the urgent need for new treatments in this area and offers benefits like more frequent FDA communication and priority review eligibility potentially accelerating approval if early trial results are positive.
HC Wainwright & Co. Reiterates Buy on Nuvectis Pharma, Raises Price Target to $15
Maxim Group Initiates Coverage On Nuvectis Pharma with Buy Rating, Announces Price Target of $17
Laidlaw & Co. Initiates Coverage On Nuvectis Pharma with Buy Rating, Announces Price Target of $19
