Marathon Patent Group (NASDAQ:MARA) Stock Price Down 12%


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Shares of Marathon Patent Group, Inc. (NASDAQ:MARA) dropped 12% on Wednesday . The stock traded as low as $21.65 and last traded at $23.00. Approximately 68,292,523 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 77,229,602 shares. The stock had previously closed at $26.15.

MARA has been the topic of several recent analyst reports. ValuEngine cut shares of Marathon Patent Group from a “buy” rating to a “hold” rating in a research report on Monday, December 21st. HC Wainwright reiterated a “buy” rating and issued a $17.00 target price on shares of Marathon Patent Group in a research report on Tuesday, January 5th. Finally, BidaskClub upgraded Marathon Patent Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 30th.

The company has a 50-day moving average of $10.58 and a 200 day moving average of $4.32. The company has a market cap of $1.46 billion, a PE ratio of -48.94 and a beta of 4.22.

Marathon Patent Group (NASDAQ:MARA) last released its earnings results on Thursday, November 12th. The business services provider reported ($0.06) earnings per share for the quarter. The company had revenue of $0.84 million for the quarter. Marathon Patent Group had a negative net margin of 319.69% and a negative return on equity of 48.25%. On average, sell-side analysts expect that Marathon Patent Group, Inc. will post -0.25 earnings per share for the current fiscal year.

In other Marathon Patent Group news, Director Michael Rudolph sold 9,000 shares of the stock in a transaction on Monday, November 30th. The stock was sold at an average price of $6.09, for a total value of $54,810.00. Following the sale, the director now owns 10,025 shares in the company, valued at $61,052.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO David Philip Lieberman sold 7,500 shares of Marathon Patent Group stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $6.15, for a total value of $46,125.00. Following the sale, the chief financial officer now owns 72,309 shares of the company’s stock, valued at $444,700.35. The disclosure for this sale can be found here. Insiders have sold a total of 651,500 shares of company stock worth $13,082,455 over the last quarter. 2.13% of the stock is currently owned by insiders.

An institutional investor recently raised its position in Marathon Patent Group stock. Morgan Stanley raised its position in shares of Marathon Patent Group, Inc. (NASDAQ:MARA) by 333,397.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 126,729 shares of the business services provider’s stock after purchasing an additional 126,691 shares during the period. Morgan Stanley owned about 0.39% of Marathon Patent Group worth $248,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 2.43% of the company’s stock.

Marathon Patent Group Company Profile (NASDAQ:MARA)

Marathon Patent Group, Inc operates as a digital asset technology company that mines cryptocurrencies. It owns cryptocurrency mining machines and a data center to mine digital assets in Quebec, Canada. The company was formerly known as American Strategic Minerals Corporation and changed its name to Marathon Patent Group, Inc in February 2013.

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