Stock Alert: Marathon Patent Group Touches New 52-week High

Shares of Marathon Patent Group, Inc. (MARA) are gaining almost 50 percent or $1.01 in Monday's morning trade at $3.04, after earlier touching a new 52-week high of $3.63 despite no specific news that could influence the cryptocurrency mining company's stock.

U.S. stocks are rising on Monday, reflecting gains by technology stocks after Microsoft confirmed it is in talks to acquire Chinese-owned video app TikTok. Early buying interest was also generated in reaction to upbeat economic data from overseas, with a report showing the Chinese manufacturing sector expanded at the fastest pace since early 2011.

Last week, Marathon Patent Group said it has purchased 700 next generation M31S+ ASIC Miners from MicroBT. The miners are expected to arrive mid-August. In addition, Bitmain notified Marathon that 660 of the 1,660 Bitmain S-19 Pro Miners previously purchased by Marathon will be delivered in mid-August.

Marathon Patent Group has traded in a range of $0.35 to $3.63 in the past 52 weeks.

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