Marathon Patent Group, Inc. (NASDAQ:MARA)’s stock price dropped 12% on Wednesday . The company traded as low as $21.65 and last traded at $23.00. Approximately 68,292,523 shares traded hands during trading, a decline of 12% from the average daily volume of 77,229,602 shares. The stock had previously closed at $26.15.
Several equities analysts have recently weighed in on MARA shares. ValuEngine downgraded shares of Marathon Patent Group from a “buy” rating to a “hold” rating in a research note on Monday, December 21st. HC Wainwright reiterated a “buy” rating and issued a $17.00 price objective on shares of Marathon Patent Group in a research note on Tuesday, January 5th. Finally, BidaskClub upgraded Marathon Patent Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 30th.
The stock has a fifty day simple moving average of $10.58 and a two-hundred day simple moving average of $4.32. The firm has a market cap of $1.46 billion, a PE ratio of -48.94 and a beta of 4.22.
In other Marathon Patent Group news, Director Michael Rudolph sold 9,000 shares of Marathon Patent Group stock in a transaction that occurred on Monday, November 30th. The stock was sold at an average price of $6.09, for a total transaction of $54,810.00. Following the sale, the director now directly owns 10,025 shares of the company’s stock, valued at approximately $61,052.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Merrick D. Okamoto sold 632,000 shares of the company’s stock in a transaction on Thursday, January 7th. The stock was sold at an average price of $20.51, for a total value of $12,962,320.00. Following the completion of the sale, the chief executive officer now directly owns 1,079,888 shares in the company, valued at $22,148,502.88. The disclosure for this sale can be found here. Insiders have sold a total of 651,500 shares of company stock valued at $13,082,455 over the last 90 days. Company insiders own 2.13% of the company’s stock.
A hedge fund recently raised its stake in Marathon Patent Group stock. Morgan Stanley boosted its holdings 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 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,729 shares of the business services provider’s stock after acquiring an additional 126,691 shares during the period. Morgan Stanley owned 0.39% of Marathon Patent Group worth $248,000 at the end of the most recent reporting period. Institutional investors own 2.43% of the company’s stock.
About Marathon Patent Group (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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