Marchex (NASDAQ:MCHX) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Marchex's stock price recently surpassed its 200-day moving average, reaching a high of $2.01 during trading, with the last trade recorded at $1.81.
• Wall Street Zen initiated coverage on Marchex, assigning the company a "hold" rating as of May 21st.
• Institutional investors now hold 73.46% of Marchex's stock, with significant purchases made by various hedge funds in recent quarters.

Marchex, Inc. (NASDAQ:MCHX - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.82 and traded as high as $2.01. Marchex shares last traded at $1.81, with a volume of 673,037 shares changing hands.

Analyst Ratings Changes

Separately, Wall Street Zen began coverage on Marchex in a research report on Wednesday, May 21st. They set a "hold" rating for the company.

Marchex Stock Performance

The company has a fifty day moving average of $2.03 and a two-hundred day moving average of $1.82. The company has a market cap of $79.12 million, a PE ratio of -16.45 and a beta of 1.92.

Institutional Trading of Marchex

Several hedge funds and other institutional investors have recently bought and sold shares of MCHX. Jane Street Group LLC purchased a new stake in Marchex during the 1st quarter valued at $30,000. Millennium Management LLC raised its holdings in Marchex by 55.5% during the 4th quarter. Millennium Management LLC now owns 21,287 shares of the technology company's stock valued at $37,000 after buying an additional 7,598 shares during the period. Arcadia Wealth Management Inc. purchased a new stake in Marchex during the 4th quarter valued at $51,000. LPL Financial LLC purchased a new stake in Marchex during the 4th quarter valued at $55,000. Finally, Acuitas Investments LLC purchased a new stake in Marchex during the 2nd quarter valued at $141,000. Hedge funds and other institutional investors own 73.46% of the company's stock.

About Marchex

Marchex, Inc, a conversation intelligence company, provides conversational analytics and related solutions in the United States, Canada, and internationally. Its products include Marketing Edge that identifies which campaigns and channels are driving inbound conversations, evaluates what happens during those conversations, and closes the sales loop by connecting converted sales to marketing driven leads; Sonar Business Text Messaging, an artificial intelligence (AI) empowered intelligent workflow enabled mobile messaging solution that enables operations, sales, and marketing teams to communicate personally with field staff, prospects, and customers; Marchex Platform Services, a robust API-based conversation intelligence product that allows executives, sales, customer engagement, and marketing teams to apply Marchex AI to most any calls, regardless of communication platform, in order to identify actionable insights from conversations with their customers; Spotlight, an AI conversation analytics product for multi-location businesses; and Engage, a solution that provides locations with applications to enhance their overall performance.

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