Verition Fund Management LLC Decreases Position in MediaAlpha, Inc. (NYSE:MAX)

Verition Fund Management LLC decreased its holdings in MediaAlpha, Inc. (NYSE:MAX) by 89.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,254 shares of the company’s stock after selling 126,677 shares during the quarter. Verition Fund Management LLC’s holdings in MediaAlpha were worth $258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in MediaAlpha in the second quarter worth about $65,000. Sandia Investment Management LP acquired a new stake in MediaAlpha in the 2nd quarter worth approximately $79,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in MediaAlpha by 354.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company’s stock worth $114,000 after purchasing an additional 6,728 shares in the last quarter. nVerses Capital LLC purchased a new stake in MediaAlpha during the 3rd quarter worth approximately $116,000. Finally, The Manufacturers Life Insurance Company acquired a new position in MediaAlpha during the 2nd quarter valued at approximately $134,000. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

MediaAlpha Stock Performance

NYSE:MAX opened at $10.74 on Friday. The firm’s fifty day moving average is $14.78 and its two-hundred day moving average is $15.68. The firm has a market cap of $715.97 million, a price-to-earnings ratio of 63.18 and a beta of 1.10. MediaAlpha, Inc. has a one year low of $10.21 and a one year high of $25.78.

MediaAlpha (NYSE:MAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The firm had revenue of $259.13 million for the quarter, compared to the consensus estimate of $246.96 million. MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. As a group, equities research analysts predict that MediaAlpha, Inc. will post 0.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MediaAlpha news, insider Eugene Nonko sold 72,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $20.67, for a total value of $1,488,240.00. Following the completion of the transaction, the insider now owns 1,550,990 shares in the company, valued at approximately $32,058,963.30. This represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.53% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MAX shares. Royal Bank of Canada dropped their price objective on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. Keefe, Bruyette & Woods dropped their price target on MediaAlpha from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group increased their price objective on MediaAlpha from $20.00 to $26.00 and gave the company a “buy” rating in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, MediaAlpha has a consensus rating of “Moderate Buy” and an average price target of $24.14.

MediaAlpha 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.