Latest news for Oxford Nanopore (OTC:OXFYY) Stock

Oxford Nanopore Technologies PLC makes a novel generation of DNA/RNA sequencing technology that provides rich data and is fast, accessible, and easy to use. The company is predominantly involved in researching, developing, manufacturing, and commercializing a nanopore-based sequencing platform that allows the real-time analysis of deoxyribonucleic acid (DNA) or ribonucleic acid (RNA). This enables its customers to perform scientific/biomedical research in a range of areas, including human genetics, cancer research, outbreak surveillance, environmental analysis, pathogens/antimicrobial resistance, microbiome analysis, and crop science. The company's reportable segments are; Life Science Research Tools which generates key revenue, and COVID Testing.

OXFORD NANOPRE TECH U/ADR by Oxford Nanopore Technologies PLC

Oxford Nanopore Technologies PLC

Fully Integrated 30-foot Electric Pontoon Platform Designed for Commercial and Recreational Markets Showcases Commitment to Innovation and Sustainability
GARLAND, Texas, Dec. 2, 2024 /PRNewswire/ -- Massimo Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAMO#NASDAQ">MAMO</a>) ("Massimo"), a manufacturer and distributor of powersports vehicles and pontoon boats, today announced the Company's marine division, Massimo Marine, entered into a partnership with Vision Marine Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMAR#NASDAQ">VMAR</a>) ("Vision Marine"), a pioneer in electric marine propulsion. This collaboration will produce a fully integrated 30-foot electric pontoon platform designed for commercial and recreational markets. As part of Vision Marine's strategic shift to offer complete electric boats directly to consumers, this partnership is expected to be a key step in rapidly delivering high-quality electric marine products to market. As part of the agreement, Massimo Marine will supply pontoon boats to be equipped with Vision Marine's E-Motion&#x2122; 180E Powertrain System, a complete turnkey electric powertrain solution.

News

MAMO

VMAR

Massimo Marine And Vision Marine Technologies Announce Production Partnership For First Commercial Electric Pontoon Platform; As Part Of The Agreement, Massimo Marine Will Supply Pontoon Boats To Be Equipped With Vision Marine's E-Motion 180E Powertrain System, A Complete Turnkey Electric Powertrain Solution

As of Dec. 2, 2024, three stocks in the real estate sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Zillow Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>)</h3>
<ul>
<li>On Nov. 27, Craig-Hallum analyst Jason Kreyer maintained Zillow with a Buy and raised the price target from $70 to $95. The company's stock gained around 40% over the past month and has a <a href="https://www.benzinga.com/quote/Z">52-week high of $86.88</a>.</li>
<li>RSI Value: 74.94&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>Z Price Action: Shares of Zillow fell 0.9% to close at $84.71 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Howard Hughes Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>)</h3>
<ul>
<li>On Nov. 4, Howard Hughes reported better-than-expected third-quarter sales results and a year-over-year increase in EPS results. The company's stock gained around 14% over the past month and <a href="https://www.benzinga.com/quote/HHH">has a 52-week hig</a>h of $87.77.</li>
<li>RSI Value: 71.70</li>
<li>HHH Price Action: Shares of Howard Hughes Holdings fell 0.2% to close at $86.74 on Wednesday.</li>
</ul>
<h3 class="wp-block-heading">Macerich Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAC#NYSE">MAC</a>)</h3>
<ul>
<li>On Nov. 26, Macerich priced an upsized $395 million public offering of 20 million common shares at $19.75 per share. The company's stock gained around 14% over the past month and has a <a href="https://www.benzinga.com/quote/MAC">52-week high</a> of $21.71.</li>
<li>RSI Value: 74.87</li>
<li>MAC Price Action: Shares of Macerich gained 0.3% to close at $21.21 on Friday. </li>
</ul>
Read This Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42255665/zscaler-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call">Zscaler Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a></li>
</ul>

Short Ideas

Pre-Market Outlook

Markets

Trading Ideas

Top 3 Real Estate Stocks That May Plunge This Quarter

Integrating Proof And Verified Solutions Into Berify's Blockchain And Cybersecurity Platform To Enhance User Authentication And Engagement

AUID

auth Partners With Berify To Provide Biometric Identity Assurance For Millions Globally

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Morgan Stanley analyst Drew Ranieri upgraded the rating for Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>) from Equal-Weight to Overweight and raised the price target from $370 to $445. Stryker shares closed at $392.15 on Friday. <a href="https://www.benzinga.com/quote/SYK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer analyst Timothy Horan upgraded Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) from Perform to Outperform and announced a $120 price target. Akamai Techs shares closed at $94.02 on Friday. <a href="https://www.benzinga.com/quote/AKAM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan analyst Matthew Boss upgraded the rating for The Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) from Neutral to Overweight and boosted the price target from $28 to $30. Gap shares closed at $24.25 on Friday. <a href="https://www.benzinga.com/quote/GAP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group analyst Vijay Kumar upgraded NovoCure Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVCR#NASDAQ">NVCR</a>) from In-Line to Outperform and raised the price target from $18 to $30. NovoCure shares closed at $20.04 on Friday.<a href="https://www.benzinga.com/quote/NVCR/analyst-ratings"> See how other analysts view this stock.</a></li>
<li>TD Cowen analyst Bryan Bergin upgraded the rating for Paycor HCM, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYCR#NASDAQ">PYCR</a>) from Hold to Buy and increased the price target from $18 to $22. Paycor HCM shares closed at $18.06 on Tuesday. <a href="https://www.benzinga.com/quote/PYCR/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying GAP stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="600" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02084516/image-8-1024x600.png" alt="" class="wp-image-672345" style="width:548px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02084516/image-8-1024x600.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02084516/image-8-300x176.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02084516/image-8-768x450.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02084516/image-8.png 1103w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/top-stories/24/12/42265024/how-to-earn-500-a-month-from-marvell-technology-stock-ahead-of-q3-earnings">How To Earn $500 A Month From Marvell Technology Stock Ahead Of Q3 Earnings</a></li>
</ul>

Upgrades

Analyst Ratings

AKAM

NVCR

PYCR

This Gap Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday

Earnings

HUBC

HUB Cyber Security Reports First Half 2024 Revenues $15.7M vs $25M YoY

November was a blockbuster month for U.S.listed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miners, with the sector riding Bitcoin's meteoric rise to <a href="https://www.benzinga.com/crypto">fresh record highs</a>. 
JPMorgan analyst Reginald L. Smith noted that Bitcoin rallied to $99,000 before ending the month of November at $97,000, buoyed by a post-election rally. 
Against this backdrop, miners surged, with the aggregate market cap of 14 JPMorgan-tracked companies jumping 52% month-over-month to $36.2 billion, far outpacing Bitcoin's 37% appreciation.
<h2 class="wp-block-heading">Crypto Winners &amp; Losers: Bitdeer Leads The Pack</h2>
Smith highlighted Bitdeer Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) as the standout performer, rocketing 83% in November, driven by its pure-play mining focus and hefty HODL reserves. 
On the flip side, Argo Blockchain PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBK#NASDAQ">ARBK</a>) lagged, shedding 3% as high-performance computing exposure weighed on sentiment. 
He observed that companies with large Bitcoin holdings tended to outperform their peers, underscoring the market&#8217;s favor toward miners with direct ties to the cryptocurrency&#8217;s rally.
Read Also: <a href="https://www.benzinga.com/24/11/42071369/bitdeer-technologies-strong-growth-potential-highlighted-by-analysts-amid-bitcoin-bull-market">Bitdeer Technologies&#8217; Strong Growth Potential Highlighted By Analysts Amid Bitcoin Bull Market</a>
<h2 class="wp-block-heading">Mining Revenue Climbs, But Halving Challenges Persist</h2>
According to Smith, miners reaped rewards from Bitcoin's price surge, with daily block reward revenue jumping 24% month-over-month to an average of $52,000 per exahash per second (EH/s). Gross profit also improved significantly, climbing 64% to $26,100 per EH/s. 
However, he noted that these figures remain 48% and 62% below pre-halving levels, reflecting the lingering challenges posed by April 2024's Bitcoin halving.
<h2 class="wp-block-heading">Valuations Hit All-Time Highs</h2>
Moreover, investor enthusiasm pushed miners' valuations to record levels, noted Smith. By month-end, the group traded at 31% of the nominal value of the proved block reward opportunity and 62% of the four-year block reward opportunity—well above historical averages of 18% and 37%.
With Bitcoin&#8217;s price rallying and miners' valuations reaching new peaks, the analyst suggests that pure-play miners with robust HODL balances, like Bitdeer, appear poised to ride the wave, while diversified players like Argo Blockchain may face choppier waters.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42257250/financial-analyst-says-bitcoin-could-soar-to-250000">Financial Analyst Says Bitcoin Could Soar To $250,000</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Fintech news covering the emerging Financial Technology services sector

Fintech

Long Ideas

Tech

$BTC

ARBK

BTDR

Bitcoin Miners Surge 52% In November As Prices Near $100,000

CF Industries Holdings's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CF#NYSE">CF</a>) short percent of float has risen 39.92% since its last report. The company recently reported that it has 4.59 million shares sold short, which is 3.54% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.29 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>CF Industries Holdings Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1733147122_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for CF Industries Holdings has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing CF Industries Holdings's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, CF Industries Holdings's peer group average for short interest as a percentage of float is 3.96%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Peering Into CF Industries Holdings's Recent Short Interest

Fiserv's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) short percent of float has risen 4.79% since its last report. The company recently reported that it has 8.64 million shares sold short, which is 1.53% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.46 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Fiserv Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1733147117_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Fiserv has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Fiserv's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Fiserv's peer group average for short interest as a percentage of float is 4.84%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Fiserv's Recent Short Interest

Quest Diagnostics's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>) short percent of float has risen 8.61% since its last report. The company recently reported that it has 2.59 million shares sold short, which is 2.65% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.64 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Quest Diagnostics Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1733147112_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Quest Diagnostics has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Quest Diagnostics's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Quest Diagnostics's peer group average for short interest as a percentage of float is 8.08%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(DGX) - Analyzing Quest Diagnostics's Short Interest

WIIM

EHGO

Eshallgo shares are trading higher. The company announced it secured $5 million through a convertible debenture offering.

Adds scale and extends Ready Capital's core platform with UDF IV's proven land development lending platform
Diversifies Ready Capital's portfolio and offers land development solution to borrowers and investors
Expected to be accretive to Ready Capital's earnings and book value in 2025 UDF IV shareholders may receive up to $5.89 per UDF share through a combination of: (i) pre-closing distributions of UDF IV's own cash from its balance sheet valued at up to $75 million, or $2.44 per share, (ii) shares issued at closing by Ready Capital for UDF IV shares valued at $94 million, or $3.07 per share, and (iii) contingent value rights with estimated future value of up to $12 million, or $0.38 per share
NEW YORK and IRVING, Texas, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RC#NYSE">RC</a>) ("Ready Capital"), a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner-occupied commercial real estate loans, and United Development Funding IV ("UDF IV" or the "Trust"), a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders, announced today that they have entered into a definitive merger agreement pursuant to which Ready Capital will acquire UDF IV. Upon completion of the transaction, Ready Capital is anticipated to have a pro forma equity capital base in excess of $2.2 billion.

Ready Capital And United Development Funding IV Announce Definitive Agreement For Ready Capital To Acquire United Development Funding IV; UDF IV Shareholders May Receive Up To $5.89 Per UDF

ELUT

Elutia Secures National Agreement With Premier For Cardiac Rhythm Management Devices, Offering Special Pricing On EluPro Antibiotic-Eluting BioEnvelope To Premier Members; Financial Terms Not Disclosed

Management

SNBR

Stadium Capital Management Nominates Four Director Candidates - Patrick A. Hopf, Jeffrey T. Jackson, Jessica M. Prager And Kevin Baker - To Sleep Number's Board

NRIX

Nurix Therapeutics shares are trading higher after the company announced it will present its Phase 1 clinical trial cancer data for BTK Degrader NX-5948.

Acquisition expands cloud and AI technology services and solutions
CDW (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDW#NASDAQ">CDW</a>), a leading multi-brand provider of information technology solutions to business, government, education and healthcare customers in the United States, the United Kingdom and Canada, today announced that it has acquired Mission Cloud Services Inc., a leading cloud professional services, managed services and consulting provider. The transaction complements CDW Digital Velocity – CDW's cloud, data, AI and software platform engineering organization – while bolstering CDW's existing cloud expertise, market scale and solution capabilities. Mission and CDW will come together as CDW's dedicated AWS practice.

CDW Announces Acquisition Of Mission Cloud Services; No Financial Terms Disclosed

President-elect Donald Trump's recent nominations for key law enforcement roles suggest a pivot in federal drug enforcement with potential ramifications for <a href="https://www.benzinga.com/topic/cannabis-legalization">cannabis legalization policy</a>. 
Trump <a href="https://www.benzinga.com/news/24/12/42256740/trump-taps-loyalist-patel-for-fbi-director-signaling-major-overhaul">nominated</a> Kash Patel, a former national security official, to lead the FBI and Chad Chronister, a Florida sheriff, as administrator of the Drug Enforcement Administration (DEA). Both appointments, subject to Senate confirmation, align with Trump&#8217;s broader law-and-order agenda.
<h2 class="wp-block-heading">Kash Patel's FBI Overhaul</h2>
Patel's vision for the FBI involves a sweeping restructuring, which includes dismantling its intelligence-gathering functions and purging its ranks of employees who are viewed as disloyal to Trump, including the media.
He has proposed reforms that could impact how federal resources are allocated to drug enforcement, including cannabis-related offenses. Under his leadership, the FBI may narrow its focus on significant criminal cases, potentially reducing its involvement in low-level marijuana possession enforcement. 
Though it could also work out, at least in the short term, that Patel will be busy chasing down conspirators in the <a href="https://www.benzinga.com/topic/biden-administration">Biden administration</a> and the media.
"We're going to come after the people in the media who lied about American citizens who helped Joe Biden rig presidential elections," Patel told Steve Bannon in a podcast last December.
And did we mention that Patel wrote a trilogy of children's books about Trump called "The Plot Against the King" featuring Trump as a fairy tale monarch and Patel as a knight in his service?
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/41034042/fbi-report-over-200-000-people-were-arrested-for-cannabis-related-violations-in-2023-how-is-that">FBI Report Over 200,000 People Were Arrested For Cannabis-Related Violations In 2023: How Is That Possible?</a> 
<h2 class="wp-block-heading">DEA Leadership And Cannabis Enforcement</h2>
Chronister's nomination as DEA chief underscores a strong focus on combating drug trafficking, particularly <a href="https://www.benzinga.com/topic/fentanyl">fentanyl</a> and other opioids. 
In a Truth Social post on Saturday, Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113574561799756610">said</a> Chronister will work with his <a href="https://www.benzinga.com/news/legal/24/11/42143770/trumps-pick-for-attorney-general-is-no-matt-gaetz-when-it-comes-to-cannabis-reform" target="_blank" rel="noreferrer noopener">attorney general nominee Pam Bondi</a> to help secure the U.S.-Mexico Border. Chronister replied that he was honored and &#8220;deeply humbled by this opportunity to serve our nation.&#8221;
As a sheriff, Chronister has shown support for decriminalizing cannabis in the past but did not publicly support or malign Florida's recent <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">unsuccessful Amendment 3 </a>proposal to legalize marijuana. 
However, if approved, it seems Chronister's marching orders will be to prioritize high-level trafficking and leave lower-level cannabis offenses to state and local authorities while maintaining the <a href="https://www.benzinga.com/markets/cannabis/24/01/36624064/deas-cannabis-classification-time-to-right-a-decades-old-mistake-as-feds-confirm-marijuanas-medi">DEA's historical stance</a> against federal cannabis legalization.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/24/11/42220254/dea-sets-stage-for-marijuana-rescheduling-with-december-2-hearing">DEA Sets Stage For Marijuana Rescheduling With December 2 Hearing</a></li>
</ul>
Photo: Courtesy DEA, FBI

Cannabis

Government

Politics

Legal

Trump's Kash Patel FBI Pick And DEA Nominee Could Signal Shift In Drug Enforcement Priorities

MARA Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) has announced another private offering of $700 million of zero-coupon convertible senior notes due 2031 after completing <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42066506/bitcoin-mining-stock-mara-holdings-is-moving-higher-whats-going-on">a $1 billion offering of 0% convertible senior notes</a> due 2030 in November.
What Happened: The notes will be offered to qualified institutional buyers with 0% interest and no accretion of principal, as per the company&#8217;s press release. The interest rate, initial conversion rate, and other terms of the notes will be determined at the time of pricing of the offering.
The current offering will also be primarily to acquire bitcoin and repurchase existing convertible notes due 2026.
The conversion price of $1 billion notes that were offered to the investors in November represented a premium of approximately 42.5% over the Nov. 18 mid-day share price of $18.1848.
From the previous offering after deducting the initial purchasers' discounts and commissions MARA raised approximately $980 million. Of that, it used $199 million to repurchase $212 million in aggregate principal amount of its existing convertible notes due 2026. The remainder of the net proceeds were used to acquire additional Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and for general corporate purposes.
Also read: <a href="https://www.benzinga.com/markets/equities/24/12/42260202/goldman-sachs-morgan-stanley-bank-of-montreal-cut-positions-in-marvell-technology-invesco-t-rowe-price-doubled-down">Goldman Sachs, Morgan Stanley, Bank Of Montreal Cut Positions In Marvell Technology — Invesco, T. Rowe Price Doubled Down</a>
Why It Matters: A convertible note is a hybrid instrument that can be exchanged for equity in the company at a later date. These convertible notes, even though with 0% interest, still favor investors in the event of bankruptcy as bondholders are given repayment priority ahead of shareholders.
At the same time, the conversion feature of these notes eventually helps the debt holders to participate in the equity upside on conversion.
MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has also been issuing 0% convertible notes to acquire cryptocurrency lately. Michael Saylor shared MARA&#8217;s update and said it is a &#8220;company on the Bitcoin Standard.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24MARA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MARA</a> is a company on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Standard. <a href="https://t.co/bk8dBbQaqM">https://t.co/bk8dBbQaqM</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1863552025415364956?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Also read: <a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">Michael Saylor&#8217;s MicroStrategy Convertible Notes To Buy Bitcoin Offer No Interest, So Why Are Investors Rushing To Buy Them?</a>
MARA&#8217;s Current Bitcoin Holdings
According to <a href="https://www.coingecko.com/en/public-companies-bitcoin">Benzinga Pro</a>, as of Dec. 2, the company held 26,842 Bitcoins valued at $2.54 billion, representing an average price of $94,96.
Price Action: Shares of MARA were down 1.97% at $26.88 per share in premarket on Monday. Nasdaq 100 futures were 0.04% up at 21,005.25 points.
On a year-to-date basis, the Nasdaq 100 Index is up 26.51% in 2024, while MARA underperformed the gauge with 19.58% growth in the same period. Apart from this, MARA was up 40.04% and 76.90% in the last six months and one month, respectively.
According to <a href="https://www.benzinga.com">Benzinga</a>, MARA has a consensus price target of $23.83 per share based on the ratings of 17 analysts. The highest price target out of all the <a href="https://www.benzinga.com/quote/MARA/analyst-ratings">analysts tracked by Benzinga</a> is $66 apiece issued by Compass Point as of March 8, 2022. The lowest target price is $4 per share issued by Jefferies on Jan. 9, 2023.
The average price target of $27 apiece between Barclays, Compass Point, and Macquarie implies a 0.18% downside for MARA.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/MARA/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="382" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02081953/MARA-ANR-1024x382.png" alt="" class="wp-image-672300" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02081953/MARA-ANR-1024x382.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02081953/MARA-ANR-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02081953/MARA-ANR-768x286.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/02081953/MARA-ANR.png 1057w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read next: <a href="https://www.benzinga.com/24/12/42260627/south-korea-gets-its-first-unicorn-of-2024-as-china-based-alibaba-invests-714m-in-ably-corp">Alibaba&#8217;s $71M Bet On Ably Corp Turns It Into South Korea&#8217;s First Unicorn of 2024</a>
Image via Pixabay

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