Marathon Patent Group Inc (NASDAQ:MARA), a patent licensing company, announced today that it received an accelerated royalty payment. The one-time payment represents an acceleration of an unpredictable quarterly revenue steam, which had been subject to monitoring, audits and product market risks.
Frank Knuettel II, Chief Financial Officer of Marathon stated, “We are clearly pleased to have secured this lump sum payment dramatically accelerating the receipt of owed royalties. The payment provides us present value dollars, adding cash to our balance sheet, while extinguishing a previously unpredictable quarterly revenue stream.”
The Company expects to account for the transaction as revenue in its third quarter financial results to be announced approximately mid-November. (Original Source)
Shares of Marathon Patent closed yesterday at $1.90. MARA has a 1-year high of $9.73 and a 1-year low of $1.51. The stock’s 50-day moving average is $2.11 and its 200-day moving average is $3.83.
On the ratings front, Marathon Patent Group has been the subject of a number of recent research reports. In a report issued on August 18, Roth Capital analyst William Gibson maintained a Buy rating on MARA, with a price target of $8, which implies an upside of 321.1% from current levels. Separately, on the same day, Northland Securities’ Michael Latimore reiterated a Buy rating on the stock and has a price target of $8.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Gibson and Michael Latimore have a total average return of -20.5% and -5.6% respectively. Gibson has a success rate of 8.3% and is ranked #3593 out of 3770 analysts, while Latimore has a success rate of 41.9% and is ranked #3559.
Marathon Patent Group Inc is a patent and patent rights acquisition and licensing company. The Company acquires patents and patent rights from their owners, who range from individual inventors to Fortune 500 companies.