MediaAlpha (NYSE:MAX) Sets New 52-Week Low Following Weak Earnings

Shares of MediaAlpha, Inc. (NYSE:MAX) hit a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $9.49 and last traded at $9.05, with a volume of 518414 shares changing hands. The stock had previously closed at $11.41.

The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). The firm had revenue of $300.65 million for the quarter, compared to analysts’ expectations of $289.38 million. MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.98%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MAX. Keefe, Bruyette & Woods decreased their price target on shares of MediaAlpha from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday. Canaccord Genuity Group decreased their price target on shares of MediaAlpha from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. decreased their price target on shares of MediaAlpha from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on shares of MediaAlpha from $23.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of MediaAlpha in a report on Tuesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.50.

Hedge Funds Weigh In On MediaAlpha

A number of hedge funds have recently added to or reduced their stakes in MAX. Vanguard Group Inc. lifted its stake in MediaAlpha by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 3,623,344 shares of the company’s stock valued at $40,908,000 after buying an additional 169,654 shares during the last quarter. TimesSquare Capital Management LLC lifted its stake in MediaAlpha by 77.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,628,815 shares of the company’s stock valued at $18,389,000 after buying an additional 712,410 shares during the last quarter. Clearline Capital LP lifted its stake in MediaAlpha by 115.3% in the third quarter. Clearline Capital LP now owns 1,241,419 shares of the company’s stock valued at $22,482,000 after buying an additional 664,691 shares during the last quarter. Millennium Management LLC lifted its stake in MediaAlpha by 91.0% in the fourth quarter. Millennium Management LLC now owns 781,349 shares of the company’s stock valued at $8,821,000 after buying an additional 372,305 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in MediaAlpha by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 698,703 shares of the company’s stock valued at $7,890,000 after buying an additional 8,129 shares during the last quarter. Institutional investors and hedge funds own 64.39% of the company’s stock.

MediaAlpha Stock Down 2.7 %

The company has a market capitalization of $603.31 million, a P/E ratio of 53.24 and a beta of 1.12. The business has a 50 day simple moving average of $11.45 and a 200-day simple moving average of $14.28.

About MediaAlpha

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.