MediaAlpha (NYSE:MAX) Shares Down 4.5%

Shares of MediaAlpha, Inc. (NYSE:MAX) were down 4.5% during mid-day trading on Tuesday . The company traded as low as $14.63 and last traded at $14.65. Approximately 81,832 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 464,251 shares. The stock had previously closed at $15.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank of Canada increased their target price on MediaAlpha from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. TD Cowen lowered MediaAlpha from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $13.00 in a research note on Wednesday. Canaccord Genuity Group boosted their target price on shares of MediaAlpha from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $25.00 price target (up from $19.00) on shares of MediaAlpha in a research note on Wednesday, May 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.43.

MediaAlpha Price Performance

The business’s fifty day moving average is $18.39 and its 200-day moving average is $16.56.

MediaAlpha (NYSE:MAX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $126.60 million for the quarter, compared to analysts’ expectations of $111.17 million. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.23) earnings per share. As a group, equities analysts anticipate that MediaAlpha, Inc. will post -0.09 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of MediaAlpha stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $19.00, for a total value of $49,206,200.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $19.00, for a total value of $95,003,800.00. Following the completion of the sale, the insider now directly owns 17,856,614 shares in the company, valued at approximately $339,275,666. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $19.00, for a total value of $49,206,200.00. The disclosure for this sale can be found here. 11.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MediaAlpha

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in MediaAlpha by 15.0% in the first quarter. Vanguard Group Inc. now owns 2,119,189 shares of the company’s stock valued at $43,168,000 after acquiring an additional 276,641 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in MediaAlpha during the 1st quarter valued at $22,181,000. Silvercrest Asset Management Group LLC grew its holdings in MediaAlpha by 0.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 375,509 shares of the company’s stock valued at $7,649,000 after purchasing an additional 1,667 shares in the last quarter. Norden Group LLC increased its stake in MediaAlpha by 1,767.2% during the 1st quarter. Norden Group LLC now owns 263,592 shares of the company’s stock worth $5,369,000 after buying an additional 249,475 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in MediaAlpha in the 1st quarter worth $4,062,000. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

MediaAlpha Company Profile

MediaAlpha, Inc, through its subsidiaries, operates an insurance customer acquisition platform in the United States. It optimizes customer acquisition in various verticals of property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California.