Marchex (NASDAQ:MCHX) Shares Up 7% After Insider Buying Activity
Marchex, Inc. (NASDAQ:MCHX) shares shot up 7% on Wednesday following insider buying activity. The stock traded as high as $4.45 and last traded at $4.45. 193,042 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 213,467 shares. The stock had previously closed at $4.16.
Specifically, major shareholder Long Only Value Fund Edenbrook bought 61,600 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was purchased at an average cost of $4.11 per share, for a total transaction of $253,176.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 22.49% of the company’s stock.
A number of analysts have issued reports on MCHX shares. ValuEngine raised Marchex from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. Zacks Investment Research downgraded Marchex from a “buy” rating to a “hold” rating in a report on Thursday, February 21st. Finally, Northland Securities reaffirmed a “buy” rating and set a $7.00 price target on shares of Marchex in a report on Friday, May 3rd. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Marchex has an average rating of “Buy” and a consensus target price of $6.67.
Marchex (NASDAQ:MCHX) last announced its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $26.41 million during the quarter, compared to the consensus estimate of $24.99 million. Marchex had a negative return on equity of 1.77% and a negative net margin of 3.40%. On average, analysts predict that Marchex, Inc. will post -0.05 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its holdings in shares of Marchex by 7.2% in the 1st quarter. Wells Fargo & Company MN now owns 37,268 shares of the technology company’s stock valued at $176,000 after purchasing an additional 2,516 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Marchex by 44.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 26,235 shares of the technology company’s stock valued at $124,000 after purchasing an additional 8,067 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Marchex by 72.4% in the 1st quarter. Raymond James Trust N.A. now owns 19,426 shares of the technology company’s stock valued at $92,000 after purchasing an additional 8,160 shares during the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of Marchex in the 1st quarter valued at about $50,000. Finally, Thompson Siegel & Walmsley LLC purchased a new stake in shares of Marchex in the 1st quarter valued at about $55,000. 51.28% of the stock is owned by institutional investors.
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Marchex Company Profile (NASDAQ:MCHX)
Marchex, Inc operates as a call analytics company that helps businesses connect, drive, measure, and convert callers into customers. Its products include Marchex Call Analytics, an analytics platform for enterprises that depend on inbound phone calls to drive sales, appointments, and reservations; Marchex Speech Analytics that enable actionable insights for enterprise, mid-sized, and small businesses; Text Analytics and Communications, which enable businesses to send and receive text/SMS messages with customers; Call Monitoring; Marchex Omnichannel Analytics Cloud products, such as Marchex Search Analytics, a product for search marketers that drive phone calls from search campaigns, as well as Marchex Display and Video Analytics, a product for marketers that buy digital display advertising; Marchex Site Analytics, a product for marketers that can drive phone calls from Websites; and Marchex Social Analytics, a product for marketers that buy social media advertising.
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