Zacks Investment Research upgraded shares of Marchex, Inc. (NASDAQ:MCHX) from a hold rating to a buy rating in a research note released on Thursday. The brokerage currently has $3.50 price objective on the technology company’s stock.

According to Zacks, “Marchex is a leading mobile and online advertising company that drives millions of consumers to connect with businesses over the phone, delivers the most quality phone calls in the industry, and provides in-depth analysis of those phone calls. Through their robust platform, they offer three critical components for businesses looking to acquire new customers through phone calls. Marchex Call Analytics offers ad campaign measurement and intelligence and their Digital Call Marketplace and Local Leads solutions are designed for advertisers focused on new customer acquisition. The Marchex platform drives, measures and monetizes millions of mobile and online connections through the phone to advertisers each month. Their Digital Call Marketplace combines exclusive and preferred relationships with leading mobile carriers and mobile application developers, such as AT&T, Verizon, and Sprint, with the analytics technology to constantly measure and optimize ad campaign results. “

Separately, ValuEngine downgraded shares of Marchex from a hold rating to a sell rating in a research report on Thursday.

Marchex (MCHX) traded down $0.03 during midday trading on Thursday, hitting $3.20. 144,000 shares of the stock were exchanged, compared to its average volume of 165,159. Marchex has a 1-year low of $2.50 and a 1-year high of $3.75.

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In other news, major shareholder Prescott Group Capital Managem sold 1,100,000 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $3.10, for a total value of $3,410,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 27.35% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC lifted its stake in Marchex by 19.2% during the second quarter. Parametric Portfolio Associates LLC now owns 34,889 shares of the technology company’s stock worth $104,000 after purchasing an additional 5,629 shares during the period. Bank of America Corp DE lifted its stake in Marchex by 2.8% during the first quarter. Bank of America Corp DE now owns 48,573 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,331 shares during the period. Macquarie Group Ltd. bought a new position in Marchex during the third quarter worth about $202,000. LMR Partners LLP bought a new position in shares of Marchex in the second quarter valued at approximately $312,000. Finally, Synovus Financial Corp raised its stake in shares of Marchex by 25.8% in the second quarter. Synovus Financial Corp now owns 169,577 shares of the technology company’s stock valued at $502,000 after acquiring an additional 34,802 shares during the last quarter. Hedge funds and other institutional investors own 49.53% of the company’s stock.

Marchex Company Profile

Marchex, Inc is a mobile advertising analytics company. The Company offers products and services for enterprises that depend on consumer phone calls to drive sales. Its media analytics products can provide actionable intelligence on media channels advertisers use to acquire customers over the phone. Its Marchex Omnichannel Analytics Cloud helps marketers connect customer conversions driven from paid media channels, including search, display and video, social and sites, to phone calls made to a business.

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