Marcus & Millichap (NYSE:MMI) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Marcus & Millichap, Inc. (NYSE:MMI) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.88 and traded as high as $31.22. Marcus & Millichap shares last traded at $30.8210, with a volume of 93,426 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings lowered shares of Marcus & Millichap from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell” and an average price target of $28.00.

Marcus & Millichap Stock Down 0.4%

The stock has a market cap of $1.15 billion, a P/E ratio of -3,025.27 and a beta of 1.23. The firm has a 50 day simple moving average of $29.96 and a 200-day simple moving average of $27.90.

Marcus & Millichap (NYSE:MMI) last issued its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Marcus & Millichap had a positive return on equity of 0.43% and a negative net margin of 0.08%.The company had revenue of $171.47 million during the quarter, compared to the consensus estimate of $162.20 million. During the same period in the previous year, the company posted ($0.11) EPS. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year.

Hedge Funds Weigh In On Marcus & Millichap

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pzena Investment Management LLC raised its holdings in Marcus & Millichap by 227.6% in the 1st quarter. Pzena Investment Management LLC now owns 2,012,763 shares of the real estate investment trust’s stock valued at $53,519,000 after acquiring an additional 1,398,441 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Marcus & Millichap by 773.2% during the 4th quarter. Renaissance Technologies LLC now owns 260,200 shares of the real estate investment trust’s stock worth $7,101,000 after purchasing an additional 230,400 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Marcus & Millichap by 542.1% during the 4th quarter. Jane Street Group LLC now owns 269,722 shares of the real estate investment trust’s stock worth $7,361,000 after purchasing an additional 227,719 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Marcus & Millichap in the fourth quarter worth $5,335,000. Finally, Millennium Management LLC increased its position in shares of Marcus & Millichap by 1,372.2% in the third quarter. Millennium Management LLC now owns 172,267 shares of the real estate investment trust’s stock worth $5,056,000 after purchasing an additional 160,566 shares during the period. 62.78% of the stock is currently owned by institutional investors and hedge funds.

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.