Marchex (NASDAQ:MCHX) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Marchex shares crossed above their 200-day moving average of $1.82, trading at a high of $2.00 and closing at $1.98 with a volume of 10,391 shares.
• Wall Street Zen initiated coverage on Marchex, assigning a "hold" rating to the stock.
• Institutional investors hold 73.46% of Marchex's stock, with several hedge funds increasing their stakes recently, reflecting growing interest in the company.

Marchex, Inc. (NASDAQ:MCHX - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.82 and traded as high as $2.00. Marchex shares last traded at $1.98, with a volume of 10,391 shares trading hands.

Analysts Set New Price Targets

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

Marchex Stock Down 1.0%

The stock has a market cap of $87.47 million, a P/E ratio of -18.00 and a beta of 1.91. The firm's 50-day moving average is $2.00 and its two-hundred day moving average is $1.82.

Hedge Funds Weigh In On Marchex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kanen Wealth Management LLC bought a new position in Marchex during the first quarter valued at approximately $813,000. Millennium Management LLC raised its position in Marchex by 55.5% during the fourth quarter. Millennium Management LLC now owns 21,287 shares of the technology company's stock valued at $37,000 after acquiring an additional 7,598 shares in the last quarter. Edenbrook Capital LLC raised its position in shares of Marchex by 0.7% in the first quarter. Edenbrook Capital LLC now owns 14,664,380 shares of the technology company's stock valued at $23,903,000 after purchasing an additional 102,475 shares during the period. Arcadia Wealth Management Inc. bought a new position in shares of Marchex in the fourth quarter valued at approximately $51,000. Finally, Manatuck Hill Partners LLC bought a new position in shares of Marchex in the second quarter valued at approximately $88,000. Institutional investors own 73.46% of the company's stock.

Marchex Company Profile

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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