Marchex, Inc. (NASDAQ:MCHX) Sees Significant Drop in Short Interest

Marchex, Inc. (NASDAQ:MCHX) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 13,200 shares, a decline of 39.7% from the February 28th total of 21,900 shares. Based on an average daily volume of 44,000 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.0% of the shares of the stock are sold short.

Insider Buying and Selling

In other news, major shareholder Edenbrook Capital, Llc acquired 69,197 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was purchased at an average cost of $1.75 per share, for a total transaction of $121,094.75. Following the completion of the transaction, the insider now owns 1,391,535 shares in the company, valued at approximately $2,435,186.25. This trade represents a 5.23 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 21.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AMH Equity Ltd acquired a new position in shares of Marchex during the fourth quarter worth about $438,000. LPL Financial LLC acquired a new stake in shares of Marchex in the 4th quarter valued at $55,000. Arcadia Wealth Management Inc. acquired a new stake in Marchex in the fourth quarter valued at $51,000. Geode Capital Management LLC increased its holdings in shares of Marchex by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 347,386 shares of the technology company’s stock valued at $650,000 after acquiring an additional 29,042 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Marchex by 55.5% during the 4th quarter. Millennium Management LLC now owns 21,287 shares of the technology company’s stock worth $37,000 after acquiring an additional 7,598 shares in the last quarter. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of Marchex in a report on Wednesday, March 26th. They issued a “hold” rating on the stock.

Marchex Price Performance

Shares of MCHX stock traded down $0.03 on Monday, hitting $1.66. The stock had a trading volume of 22,629 shares, compared to its average volume of 43,597. The company’s 50 day moving average price is $1.95 and its 200-day moving average price is $1.89. Marchex has a 1 year low of $1.20 and a 1 year high of $2.40. The firm has a market capitalization of $72.35 million, a P/E ratio of -18.39 and a beta of 1.87.

Marchex (NASDAQ:MCHX) last announced its quarterly earnings data on Thursday, March 6th. The technology company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Marchex had a negative net margin of 8.60% and a negative return on equity of 10.76%. The business had revenue of $11.92 million during the quarter, compared to analyst estimates of $12.01 million. On average, equities analysts forecast that Marchex will post -0.1 EPS for the current year.

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.