Marchex (NASDAQ:MCHX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, November 9th. The brokerage presently has a $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 raised shares of Marchex from a “sell” rating to a “hold” rating in a research note on Friday, September 1st.
In related news, major shareholder Prescott Group Capital Managem sold 1,100,000 shares of Marchex stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $3.10, for a total transaction of $3,410,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 27.35% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in Marchex by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 174,205 shares of the technology company’s stock valued at $473,000 after acquiring an additional 5,241 shares during the period. Renaissance Technologies LLC increased its position in shares of Marchex by 7.4% in the first quarter. Renaissance Technologies LLC now owns 1,267,242 shares of the technology company’s stock worth $3,447,000 after purchasing an additional 86,841 shares during the last quarter. Bank of America Corp DE boosted its stake in Marchex by 2.8% in the first quarter. Bank of America Corp DE now owns 48,573 shares of the technology company’s stock worth $132,000 after buying an additional 1,331 shares in the last quarter. LMR Partners LLP purchased a new stake in Marchex in the second quarter worth approximately $312,000. Finally, Heartland Advisors Inc. purchased a new stake in Marchex in the second quarter worth approximately $1,323,000. 48.53% of the stock is currently owned by institutional investors.
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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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