The stock of Marathon Patent Group, Inc. (NASDAQ:MARA) is now priced at $2.48 and the shares are -0.08 points down or -3.12% lower compared to its previous closing price of $2.56. The stock had 6.81 million contracts set over the past session. MARA shares’ daily volume is compared to its average trading volume at 17.229 million shares. However, it has a float of 31.8 million and although its performance was 7.36% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the MARA share price recently placing at $2.31 to $2.73. However, some brokerage firms have priced the stock below the average, including one that has called $64.
The shorts are climbing into the Marathon Patent Group, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MARA shares have risen. Short interest in the stock represents just 13.11% of its float, but the volume has raised by 1278097. The volume of shorted shares rised to 4.168 million from 2.89 million shares over the last two weeks. The average intraday trading volume has been 51.978 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Marathon Patent Group, Inc. (NASDAQ:MARA) raised by $0.17 over the week and lost -$1.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.25. The stock recorded its established 52-week high on 08/06/20.
Since 03/16/20, the stock has traded to a low of $0.35 at 604.15%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.63. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Marathon Patent Group, Inc.’s two-week RSI is 47.12. This suggests that the stock is neutral at the moment and that MARA shares’ price movement remains stable. The stochastic readings are equally revealing at 16.01% meaning the MARA share price is currently in overbought territory.
The technical chart shows that the MARA stock will likely settle at between $2.7 and $2.93 per share. However, if the stock dips below $2.28, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.09.
Currently, the stock is trading in the red of MACD, with a reading of -0.2. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Northland Capital though raised target price of MARA stock from $11 to $8 but maintained Outperform recommendation in their August 18 review. ROTH Capital analysts see the stock as a Buy, but they also raised the share’s target price from $12 to $9 in a flash note released to investors on June 12. ROTH Capital analysts see the stock as Buy when the analysts initiated the share price coverage on May 01, placing it at $12.
The stocks P/S ratio currently stands below the group’s average of 15.1. Marathon Patent Group, Inc. has its P/E ratio at 8.3, which means that the stock is currently trading at a premium relative to the 1.6 industry average.