Divisadero Street Capital Management LP Invests $7.96 Million in MediaAlpha, Inc. (NYSE:MAX)

Divisadero Street Capital Management LP acquired a new stake in MediaAlpha, Inc. (NYSE:MAX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 604,106 shares of the company’s stock, valued at approximately $7,956,000. MediaAlpha comprises approximately 1.2% of Divisadero Street Capital Management LP’s holdings, making the stock its 19th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC bought a new position in shares of MediaAlpha in the 1st quarter worth about $1,118,000. Norden Group LLC raised its stake in MediaAlpha by 1,767.2% during the first quarter. Norden Group LLC now owns 263,592 shares of the company’s stock worth $5,369,000 after acquiring an additional 249,475 shares during the period. Nomura Holdings Inc. bought a new position in MediaAlpha in the fourth quarter worth about $1,364,000. Vanguard Group Inc. boosted its stake 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 during the period. Finally, TimesSquare Capital Management LLC bought a new position in shares of MediaAlpha during the first quarter valued at approximately $22,181,000. 64.39% of the stock is owned by institutional investors.

MediaAlpha Price Performance

Shares of MediaAlpha stock opened at $17.73 on Friday. MediaAlpha, Inc. has a 1-year low of $7.70 and a 1-year high of $25.78. The company has a market capitalization of $1.17 billion, a P/E ratio of -26.09 and a beta of 1.22. The business’s fifty day moving average price is $16.13 and its two-hundred day moving average price is $17.52.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. The company had revenue of $178.27 million for the quarter, compared to the consensus estimate of $151.40 million. MediaAlpha’s revenue for the quarter was up 110.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.32) earnings per share. On average, research analysts expect that MediaAlpha, Inc. will post 0.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MAX shares. Royal Bank of Canada raised their price target on MediaAlpha from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, May 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $26.00 target price (up from $25.00) on shares of MediaAlpha in a research note on Thursday, August 1st. TD Cowen lowered shares of MediaAlpha from a “buy” rating to a “hold” rating and lowered their price target for the stock from $19.00 to $13.00 in a research report on Wednesday, June 26th. Finally, The Goldman Sachs Group initiated coverage on shares of MediaAlpha in a report on Tuesday, August 20th. They issued a “buy” rating and a $20.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.29.

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.