Marcus & Millichap (NYSE:MMI) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Marcus & Millichap shares crossed above their 200-day moving average, reaching $29.12 and last trading near $29.08, up 3.8% with a market capitalization of approximately $1.10 billion.
• The company exceeded quarterly expectations, reporting earnings per share of $0.10 versus the $0.03 consensus estimate and revenue of $202.91 million, ahead of the $194.30 million forecast.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a $28 consensus price target, while institutional investors own 62.78% of the shares.

Marcus & Millichap, Inc. (NYSE:MMI - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $28.75 and traded as high as $29.12. Marcus & Millichap shares last traded at $29.0780, with a volume of 160,072 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMI. Wall Street Zen downgraded shares of Marcus & Millichap from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 5th. Weiss Ratings raised shares of Marcus & Millichap from a "sell (d)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $28.00.

Marcus & Millichap Trading Up 3.8%

The company has a market cap of $1.10 billion, a PE ratio of 78.59 and a beta of 1.29. The business's 50-day simple moving average is $29.63 and its 200-day simple moving average is $28.75.

Marcus & Millichap (NYSE:MMI - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.07. The business had revenue of $202.91 million during the quarter, compared to analyst estimates of $194.30 million. Marcus & Millichap had a return on equity of 2.97% and a net margin of 1.77%.

Hedge Funds Weigh In On Marcus & Millichap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CenterBook Partners LP acquired a new stake in shares of Marcus & Millichap during the 3rd quarter worth approximately $324,000. State of Wyoming raised its stake in Marcus & Millichap by 176.0% during the third quarter. State of Wyoming now owns 6,801 shares of the real estate investment trust's stock worth $193,000 after acquiring an additional 4,337 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of Marcus & Millichap by 3.1% during the third quarter. Inspire Investing LLC now owns 22,455 shares of the real estate investment trust's stock valued at $639,000 after acquiring an additional 675 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Marcus & Millichap by 283.6% during the third quarter. Nisa Investment Advisors LLC now owns 6,898 shares of the real estate investment trust's stock valued at $198,000 after acquiring an additional 5,100 shares during the period. Finally, Commonwealth Financial Services LLC bought a new position in shares of Marcus & Millichap during the third quarter valued at $290,000. Institutional investors own 62.78% of the company's stock.

About Marcus & Millichap

Marcus & Millichap, Inc is a commercial real estate brokerage company that specializes in investment sales, financing and advisory services. The company serves owners and investors in a range of property sectors, including multifamily, office, retail, industrial, self-storage, hospitality and land.

Through its brokerage professionals and investment banking platform, Marcus & Millichap helps clients market and acquire commercial properties, arrange financing and evaluate real estate investment opportunities.

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