Marathon Patent Group (NASDAQ:MARA) Shares Gap Up to $46.26


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Marathon Patent Group, Inc. (NASDAQ:MARA) shares gapped up before the market opened on Thursday . The stock had previously closed at $46.26, but opened at $48.25. Marathon Patent Group shares last traded at $50.00, with a volume of 134,802 shares.

A number of analysts have commented on the company. HC Wainwright boosted their target price on Marathon Patent Group from $30.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, March 17th. Zacks Investment Research upgraded Marathon Patent Group from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Tuesday, March 9th.

The company has a 50-day moving average price of $39.33 and a 200-day moving average price of $17.47. The firm has a market capitalization of $5.14 billion, a PE ratio of -106.38 and a beta of 4.33.

Marathon Patent Group (NASDAQ:MARA) last issued its quarterly earnings data on Monday, March 15th. The business services provider reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.07). Marathon Patent Group had a negative net margin of 319.69% and a negative return on equity of 48.25%. On average, research analysts predict that Marathon Patent Group, Inc. will post -0.19 EPS for the current year.

In related news, CEO Merrick D. Okamoto sold 700,000 shares of the company’s stock in a transaction on Thursday, February 18th. The stock was sold at an average price of $48.65, for a total value of $34,055,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,458,458 shares in the company, valued at $70,953,981.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Simeon Salzman sold 15,000 shares of the company’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $53.38, for a total value of $800,700.00. Following the completion of the transaction, the chief financial officer now owns 89,366 shares of the company’s stock, valued at $4,770,357.08. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Toroso Investments LLC acquired a new position in Marathon Patent Group in the fourth quarter valued at $13,274,000. BlackRock Inc. increased its stake in Marathon Patent Group by 267,807.0% in the fourth quarter. BlackRock Inc. now owns 809,079 shares of the business services provider’s stock valued at $8,446,000 after purchasing an additional 808,777 shares during the last quarter. Morgan Stanley increased its stake in Marathon Patent Group by 333,397.4% in the third quarter. Morgan Stanley now owns 126,729 shares of the business services provider’s stock valued at $248,000 after purchasing an additional 126,691 shares during the last quarter. Northern Trust Corp increased its stake in Marathon Patent Group by 148.5% in the fourth quarter. Northern Trust Corp now owns 83,620 shares of the business services provider’s stock valued at $873,000 after purchasing an additional 49,971 shares during the last quarter. Finally, LPL Financial LLC acquired a new position in Marathon Patent Group in the fourth quarter valued at $602,000. Hedge funds and other institutional investors own 3.99% 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. The company was formerly known as American Strategic Minerals Corporation and changed its name to Marathon Patent Group, Inc in February 2013. Marathon Patent Group, Inc was founded in 2010 and is headquartered in Las Vegas, Nevada.

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