Marchex (NASDAQ:MCHX) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Marchex's stock price recently surpassed its 200-day moving average at $1.82, reaching a high of $1.97 before settling at $1.94 during trading.
• Wall Street Zen has initiated coverage on Marchex, giving the company a "hold" rating in their latest research report.
• Hedge funds own 73.46% of Marchex's stock, with several institutions adjusting their positions in the company recently.

Marchex, Inc. (NASDAQ:MCHX - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.82 and traded as high as $1.97. Marchex shares last traded at $1.94, with a volume of 21,478 shares traded.

Analysts Set New Price Targets

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

Marchex Trading Down 0.8%

The firm has a fifty day simple moving average of $2.03 and a 200-day simple moving average of $1.82. The stock has a market cap of $86.15 million, a price-to-earnings ratio of -17.73 and a beta of 1.92.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in shares of Marchex in the 1st quarter valued at $30,000. Millennium Management LLC lifted its stake in shares of Marchex by 55.5% in the 4th quarter. Millennium Management LLC now owns 21,287 shares of the technology company's stock valued at $37,000 after purchasing an additional 7,598 shares during the period. Arcadia Wealth Management Inc. acquired a new position in shares of Marchex in the 4th quarter valued at $51,000. LPL Financial LLC acquired a new position in shares of Marchex in the 4th quarter valued at $55,000. Finally, Manatuck Hill Partners LLC acquired a new position in shares of Marchex in the 2nd quarter valued at $88,000. Institutional investors and hedge funds 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.